The now permanent law allowing tax-free gifts from IRAs for those age 70½ and older makes it easier than ever to minimize the tax bite associated with IRA-required minimum distributions (RMDs). It’s a simple and highly effective way to reduce or eliminate the tax on income you are forced to take, but may not need. Start planning your tax-free IRA gift today!
A transfer from your IRA to the Chinatown Museum Foundation (up to $100,000) counts toward your RMD, and no tax is due!
To qualify for the tax benefits associated with this type of gift, IRA owners must:
- Have reached a minimum age—at least 70½
- Instruct their IRA custodian to make a direct transfer from an IRA account to UIF
How much is your RMD?
If you are planning an IRA Charitable Rollover gift, we’ll be happy to help you explore the many ways you can make an impact at CMF and to assist you with transfer information.
Be sure to consult your tax and financial advisors when considering any planned gift.