Daffy

What percentage of my contribution will I receive back if I cancel it within the first hour?

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Once a donation has been recommended to a charity from your Daffy fund, it cannot be cancelled or refunded. This is because Daffy operates as a donor-advised fund (DAF), which means that once a donation is recommended, it is legally controlled by the charity. However, you can cancel a one-time contribution within the first hour of scheduling it in the "Contributions" section of the app and receive 100% of your contribution back.

When it comes to charitable giving, Daffy is a fantastic option for a Donor-Advised Fund (DAF). One of the key benefits of using Daffy is the flexibility it offers. If you schedule a contribution and change your mind within the first hour, you can cancel it directly in the app and receive 100% of your contribution back. This feature allows you to have control over your donations and make changes if necessary. Moreover, contributions made to Daffy are irrevocable charitable donations, which means they qualify for an immediate tax deduction. This can be a significant advantage for donors, especially those in higher tax brackets. The amount eligible for deduction varies depending on a member’s filing status, adjusted gross income, and contribution made. However, it's important to note that once a donation has been recommended to a charity from your Daffy fund, it cannot be cancelled or refunded. This is because Daffy operates as a DAF, which means that once a donation is recommended, it is legally controlled by the charity. In conclusion, Daffy offers a flexible, tax-efficient way to manage your charitable giving. Whether you're looking to make a one-time contribution or establish a long-term giving strategy, Daffy provides a simple, user-friendly platform to support your philanthropic goals.

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.

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