Q: I have a Schwab or Fidelity Charitable account. What are the year-end contribution deadlines?
A: This depends on how you make your contribution to the charitable account.
In general, all contributions must be received by 11:59pm ET on 12/31/19, but you need to get a head-start on some types of contributions.
- Checks & stock certificates must be postmarked by 12/31/19 and mailed overnight.
- Stock transfers take 2-6 weeks to complete.
- Mutual fund transfers must be submitted by 11/19/19 at Schwab and 11/18/19 at Fidelity to ensure they are completed by year-end.
- For Illiquid assets, you must call Schwab Charitable by 12/1/19. Fidelity Charitable indicates that processing time varies.
- For Cryptocurrency, you must call Schwab Charitable by 12/13/19. For Fidelity Charitable you must call and submit paperwork by 12/24/19.
- Wires – submit wire forms or requests at least 2-3 days prior to 12/31/19 to allow for any extra processing time.
If you wait until the last days of the year to open a Schwab or Fidelity Charitable account, it is faster to open it online rather than submit a paper form. You can also setup transfers from your other Schwab accounts into your charitable account while you are logged in. Paper forms require additional processing time and you may not see the processing completed until 2020. Schwab can backdate it for 2019, but if the waiting makes you uneasy it is best to take initiative long before the last day of the year.
Schedule a Consultation
We have helped our clients answer these questions and more. If you want a clear understanding of your financial future, and need help making changes to reach your goals, schedule a consultation and we can get started.
Spend some time now getting your 2020 tax picture in...
Did you know the CARES Act includes favorable tax...
Unsure of what to get your nieces and nephews, brothers...
Looking to provide scholarship funds to your alma mater...