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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.

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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

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.

No. The legislation requires you to reach age 70½ by the date you make the gift.
Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Midland Center for the Arts. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA account, please mail your check by Dec. 20 in order to give us time to process your gift before the end of the year.
No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

Next Steps

  • Contact Michael Mirto at 989.631.5930, X 1272
    or mirto@midlandcenter.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

 

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