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- How does one allocated a cash charitable donation on a 706 to a beneficiary as a deduction?
How does one allocated a cash charitable donation on a 706 to a beneficiary as a deduction?
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BLAKEPINTAR
Level 1
07-13-2021
05:21 PM
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I set up the charity as a beneficiary and checked the box as a charitable organization. Next, in screen 34 for that beneficiary, I put the amount in as a Specific Cash Bequest. This gets the deduction on Schedule O, but I cannot allocate that deduction to a beneficiary.
As a result, line 2 of the 706 is overstated by the deduction not being allocated to a beneficiary, and I wind up with a negative taxable estate on line 3 of the 706.
HELP !!
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