How to enter a $10,252 of appreciated stock as 8.6% to charitable gift annuity? Entry annuity section of 1099-R and calculated charitable contrib. of $6520 on form 8283?

kmyfinancial · ‎03-16-2022

$10,252 of appreciated stock was donated to a 8.6001% charitable gift annuity on 12/2021. Income to be paid quarterly and the calculated charitable contribution deduction to be reported on form 8283 is $6520. Taxpayer also received a 1099-R Code F with a small amount of income in gross and taxable and a letter from the charity providing detailed information such as: gift amount $10,252, discount rate of 1.6%, quarterly payment schedule, and the annual $882 annuity amount. Would like to know correct entry of information within the annuity section of the 1099-R section as well as correct reporting of the calculated charitable contribution of $6520 on form 8283. Also, would like to confirm if the initial 2021 entry of this charitable gift annuity impact the reporting of future year returns?

sjrcpa · ‎03-16-2022

Enter the 1099-R like any other 1099-R.

I can't remember how to enter the charitable contribution, but make sure you only deduct the $6,520.

There should be no impact on future years. You'll just have a 1099-R.

The more I know the more I don’t know.