Thanks to the IRA Charitable Rollover, you can donate up to $100,000 directly from your IRA to The Museum of Flight without having to pay income taxes, because we are a qualifying nonprofit with tax-exempt status. The IRA transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions. An IRA can be one of the best assets to use as a gifting source during your lifetime.
Instructions & Requirements
- If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
- It is important to not withdraw funds prior to your gift, but instead to have the gift amount distributed directly from your IRA to your favorite charities.
- If you have check-writing privileges on your IRA accounts, this may be the most efficient way to make gifts directly from your IRA.
- The transfer may be made in addition to any other charitable giving you have planned.
- You need to provide your IRA administrator with our instruction form.
Download IRA Administrator Instruction Form
Some things to keep in mind...
- If you’re 59 ½, or older, you can take a distribution from your IRA at any time, without penalty. However, you’ll have to report the distribution on your tax return.
- When you turn 70 ½, you must take a distribution each year thereafter. Name the Museum on your beneficiary designation form. By leaving a percentage of your IRA to the Museum, the remainder can pass to your family or friends.
For more information, contact us at 206-768-7134 or giving@museumofflight.org
