Transfer from an IRA

Each year Congress has renewed a law that permits transfers from a personal IRA to a charity, which gift may meet the distribution requirements for an individual who is over 70 ½ years old. They state:

For eligible tax years, individuals age 70½ or over can exclude up to $100,000 from gross income for donations paid directly to a qualified charity from their IRA. Key points about qualified charitable contributions (QCDs) include:

• The donation satisfies any IRA required minimum distributions for the year.
• The amount excluded from gross income isn’t deductible.
• Donations from an inherited IRA are eligible if the beneficiary is at least age 70 ½.
• Donations from a SEP or SIMPLE IRA aren’t eligible.
• Donations from a Roth IRA are eligible.
• Married individuals filing a joint return may exclude up to $100,000 donated from each spouse’s own IRA ($200,000 total).

If you are interested in making such a contribution please contact Selena Lavonier, Sr. Director of Advancement, 610-332-1345, slavonier@artsquest.org.