Tax Report FAQ

What is a Tax Report?

A tax report summarizes your deductible contributions made in the previous tax year. This includes your annual commitment and donations. It is always a good idea to consult with a tax advisor about your specific situation.

I made a distribution from my Donor Advised Fund in the amount of my annual commitment and/or for an additional donation. Why isn’t it included in the tax report?

The financial institution or community organization that manages your Donor Advised Fund should provide you with a tax report from your contributions to establish or add to your fund. You receive your tax benefit when you contribute to your Donor Advised Fund, not for any distributions or grants you directed from your DAF to the temple. Upon request, we can provide a summary of your grants or distributions made to the temple from your DAF, but these would not be tax reports.

I made a distribution from my Family Foundation in the amount of my annual commitment and/or for an additional donation. Why isn’t it included in the tax report?

Any distributions to the temple that came from a Family Foundation will not be reflected on your personal tax report. However, your Foundation will receive a tax report.

I made a contribution from my IRA for my annual commitment and/or for an additional donation. Why isn’t it included in the tax report?

If you are at least 70.5 and made the contribution directly from your IRA assets to the temple, your transfer was tax-free. When you or your tax advisor prepares your taxes, they should list your Qualified Charitable Distribution (QCD) on your 1040 form. As a tax-free distribution, your QCD will not be included on the tax statement, however, you should have received an acknowledgment from the temple confirming the receipt of the gift. If you do not have the acknowledgment from the temple, please reach out to Leslie and one will be provided.

Why isn’t the exact price of the stock I donated reflected on the tax report?

When stock is contributed to the temple (or any charitable organization), the amount deducible is the average of the high and low price of the stock on the date it is received in the temple’s account.

Again, speaking with a tax professional is suggested. However, feel free to reach out to our Director of Philanthropy, Leslie Landman, with any general questions at leslie@templejeremiah.org or at (847) 582-4085.