Charitable Donations: Cash Donations

The following provides details on cash donations specifically.

1

How to enter cash donations

Cash donations will be treated as an expense in the year of the donation and Snap will either apply the tax credit that year or carry it forward up to 5 years to claim it in the most advantageous way.  You will be able to view the donation amounts that have been carried forward each year as well as the donations that have been already claimed.  Snap will also display a comparison of the total tax based on a cash donation or no cash donation. 

  1. In Scenario Setup -> Settings, please enable Charitable Donations feature and enter any unclaimed donations expiring in the next 5 years.
  1. Navigate to the client's individual Planning Page -> Cash Donations section and enter the total annual donation in the Cash column. (You will not see this section unless you enable the feature)

  • Click the $0 value in the Cash column.
  • Enter the total donation for that year in the pop-up window and copy it down, if needed. Click the dark blue checkmark to save the entry.
  • In this example, the client expects to donate $10,000 per year.  The cash donations will be taken from John's cash flow that year.
  • Run Scenario to apply this donation to your projections and to recalculate the numbers on the Planning Page.
  1. Review the Charitable Donations Details.

Note: Make sure to expand the section by clicking the Expand button in the section header if the only columns that you see are Total Donations, Claimed Amount and Unclaimed Amount.

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