Limit on Contributions to Fidelity Charitable

Forum|Forum|1 year ago
February 4, 2025
1 reply
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For the 2024 tax year, I made donations of long term appreciated securities to a DAF at Fidelity Charitable. This should be a 30% charity (i.e., donations of appreciated securities are limited to 30% of AGI) but when I tell TT that it is a 30% charity, it then limits me to only 20% of AGI. The only way I can see to get TT to not limit me to 20% is to tell TT that it is a 50% charity. My donations are just under 30% (29.8% to be exact) which is how I planned it. Is there something else I should be doing so I can say it is a 30% charity and get the 30%? (This question was asked a few years ago, but the solution does not seen to apply to the current version of TT.) Thanks.

SteamTrain

Employee

@mgmiller331

You should probably call Fidelity Charitable fund and ask to be sure. I "think" (biut am not positive) that all 501(c)(3) organizations are 50% charities, and Fidelity Charitable is a 501(c)(3).

From what I see on their web page, they say cash donations are limited to 60% of AGI, which makes them a 50% charity. They also say that appreciated stock donations are limited to 30%, but that's an automatic reduction after indicating they are a 50% charity.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

mgmiller331Author

Thank you, that makes sense. I knew I was limited to 30% but it appears that is not the same as the charity being a "30% charity". It looks like what I did is correct.