When considering your options for a Donor-Advised Fund (DAF), Daffy stands out as a great choice. One of the key benefits of Daffy is the immediate tax deduction you can take when you contribute cash, stock, or crypto to your fund. Not only does this provide a financial advantage, but it also allows you to invest those assets to increase their potential impact and gives you time to select the charities you wish to support.
If you're considering contributing stock and ETFs to your Daffy fund, it's important to note the deadline for these contributions to qualify for a 2022 tax deduction. You must initiate the contribution with your broker by December 16, 2022. This is because broker processing times can vary, and the stock must be received and verified by Daffy by December 31, 2022, at 11:59 pm PST.
As a Daffy member, you can make irrevocable contributions of nearly all publicly traded stock. All stock is liquidated when Daffy receives it, and the balance is added to your Daffy account as soon as it is available. To ensure that your stock contribution is attributed to your account quickly, you must create a stock contribution intent first.
Remember, while donations to the end charity are not subject to end-of-year deadlines, Daffy understands the importance of charities receiving donations during the holiday season. Therefore, it's recommended to submit your donation by December 16, 2022, to ensure it reaches the charity as quickly as possible.
Daffy is not responsible for delays caused by a brokerage firm, DAF provider, or charity. However, Daffy's commitment to providing a seamless and efficient process for its members makes it a top choice for your DAF needs.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.