A Tax-Saving Way to Support the Arts
If you are 70½ years old or older, you can take advantage of a simple way to benefit the Midland Center for the Arts and receive tax benefits in return. You can give up to $100,000 from your IRA to a qualified charity, such as ours, without having to pay income taxes. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution. IRA charitable rollover no longer have an expiration date, so you are free to make annual gifts to us this year and well into the future.
Why Consider this Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Gift Tax-Free with an IRA
Frequently Asked Questions
I've already named Midland Center for the Arts as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
- Contact Michael Mirto at 989.631.5930, X 1272
or firstname.lastname@example.org for additional information on gifting tax-free with an IRA to Midland Center for the Arts.
- Seek the advice of your financial or legal advisor.
- Ask your IRA administrator about making a direct transfer to Midland Center for the Arts or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to Midland Center for the Arts without passing through your hands.)
Legal Name: Midland Center for the Arts
Address: 1801 W. St. Andrews, Midland, Michigan
Federal Tax ID Number: 38-6114020