Qualified Charitable Contribution from Your IRA
The IRA Charitable Rollover (also known as a Qualified Charitable Distribution/QCD) is an excellent way to support the Wilmington Railroad Museum and receive tax benefits in return. As you plan your required minimum distributions for the year, consider using your IRA account to make the most of your charitable giving.
The Charitable IRA Rollover provides taxpayers with a mechanism for transferring their annual Required Minimum Distributions directly to charitable organizations, in order to exclude the distributions from their taxable income while simultaneously supporting the charities of their choice. This rollover is an attractive option for taxpayers who either don’t want or don’t need the extra taxable income from their IRA’s required minimum distribution.
Benefits of the IRA Charitable Rollover:
Wherever you are in your tax planning process, just know that you’re not alone. The rules around required minimum distributions, Charitable IRA rollovers, qualified charitable distributions (QCDs) and planned gifts sound complicated to a lot of people, but rest assured that you’ve come to the right place to find out what they are, and how they can benefit you. Read on to learn more, and then consult with your tax advisor for advice on your specific tax situation.
Option 1:
Contact your IRA custodian and request a direct transfer to:
Wilmington Railroad Museum Foundation Inc.
505 Nutt St.
Wilmington, NC 28401
Our tax ID number is: 56-1537564
Do not withdraw the funds and make a contribution yourself, or you will have to report the withdrawal as taxable income. If you are requesting the transfer at the end of the tax year, allow enough time for the transfer to complete by December 31.
Option 2:
Send a gift directly to the Wilmington Railroad Museum using your IRA checkbook. Allow extra time for the gift to clear in order to take a tax deduction in the current calendar year.
For More Information and Frequently asked questions click on the following document:
how_to_make_a_qualified_charitable_contribution_from_your_ira.pdf
The IRA Charitable Rollover (also known as a Qualified Charitable Distribution/QCD) is an excellent way to support the Wilmington Railroad Museum and receive tax benefits in return. As you plan your required minimum distributions for the year, consider using your IRA account to make the most of your charitable giving.
The Charitable IRA Rollover provides taxpayers with a mechanism for transferring their annual Required Minimum Distributions directly to charitable organizations, in order to exclude the distributions from their taxable income while simultaneously supporting the charities of their choice. This rollover is an attractive option for taxpayers who either don’t want or don’t need the extra taxable income from their IRA’s required minimum distribution.
Benefits of the IRA Charitable Rollover:
- The IRA Charitable Rollover permits you to make donations to charitable organizations such as the Wilmington Railroad Museum from your IRA without counting the distribution as part of your adjusted gross income (AGI) and, consequently, without paying taxes on it.
- You won't recognize the distribution as income for federal tax purposes.
- The distribution would count toward your required minimum distribution (RMD)for the year.
Wherever you are in your tax planning process, just know that you’re not alone. The rules around required minimum distributions, Charitable IRA rollovers, qualified charitable distributions (QCDs) and planned gifts sound complicated to a lot of people, but rest assured that you’ve come to the right place to find out what they are, and how they can benefit you. Read on to learn more, and then consult with your tax advisor for advice on your specific tax situation.
Option 1:
Contact your IRA custodian and request a direct transfer to:
Wilmington Railroad Museum Foundation Inc.
505 Nutt St.
Wilmington, NC 28401
Our tax ID number is: 56-1537564
Do not withdraw the funds and make a contribution yourself, or you will have to report the withdrawal as taxable income. If you are requesting the transfer at the end of the tax year, allow enough time for the transfer to complete by December 31.
Option 2:
Send a gift directly to the Wilmington Railroad Museum using your IRA checkbook. Allow extra time for the gift to clear in order to take a tax deduction in the current calendar year.
For More Information and Frequently asked questions click on the following document:
how_to_make_a_qualified_charitable_contribution_from_your_ira.pdf