IRA Charitable Rollover
If you’re 70 1/2 or older, you may want to consider an IRA charitable rollover, which could lower the income taxes from your required annual IRA withdrawals.
Recap of Charitable IRA Rollover Rules
- Must be at least 70 ½ years of age when the gift is made
- A transfer must be made directly from the IRA administrator to a qualified charity (Delaware Art Museum)
- The maximum allowed gift per individual is $100,000 per year
- Must be outright gifts
- This gift opportunity only applies to IRAs
- The charitable IRA distribution can be used to pay a pledge
Benefits of Charitable IRA Rollover
- May make a significant gift without using cash or other assets
- The rollover amount is a tax-exempt distribution and not subject to income tax
- IRA rollover can be used to meet all or part of the required minimum distribution (RMD)
- Gift not subject to charitable gift limitations
- Still benefit from reduced taxes if you do not itemize
Steps for Directing a Charitable IRA Rollover to the Delaware Art Museum
- Contact your IRA plan administrator for their specific transmittal form or use our sample direction letter to request a gift transfer from your IRA to the Delaware Art Museum.
- Inform the Museum of the designation of your gift by noting it at the bottom of your direction letter or by contacting Amelia Wiggins at firstname.lastname@example.org.
Questions? Contact Amelia Wiggins, Director of Advancement and External Affairs at email@example.com or 302.351.8503.
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