News about Charitable Gifts from IRAs
Good news! On Friday, December 18, 2015, the President signed into effect an extension of the IRA Charitable Rollover. This provides donors with an opportunity to access retirement assets to meet their charitable giving objectives, with a few restrictions. If you have been considering a gift from your retirement assets to Norman Rockwell Museum, please note the following:
- You must be 70½ or older on the day of the gift.
- The gift must be paid directly from the IRA to Norman Rockwell Museum.
- The gift needs to be made by Dec. 31, 2015 for the gift to qualify for this tax year.
- You can transfer up to $100,000 directly from your IRA to one or more qualified charities. This opportunity applies only to IRAs and not to other types of retirement plans.
- Income will not be recognized on the withdrawal.
- You cannot receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
- The charitable transfer will count toward your minimum required distribution.
- There is no charitable deduction associated with the gift.
- Although this is not considered a tax-deductible contribution by the IRS, Norman Rockwell Museum will award full credit for purposes of the annual report.
Who can benefit from this new law?
- Donors who do not need the income of their minimum required distribution.
- Donors who have already reached their giving limits based on adjusted gross income.
- Donors whose income level causes the phase out of their exemptions.
- Donors who don’t itemize their deductions.
- Donors for whom additional income will cause more of their Social Security income to be taxed.
Important Note: Please call your IRA administrator early to ensure that your administrator can complete your gift in a timely manner.
For further information on making a gift to Norman Rockwell Museum through your IRA please contact us at
413-931-2206 or email@example.com
Norman Rockwell Museum
P.O. Box 308, Stockbridge, MA 01262