Make an impact now and receive tax advantages
If you are 73 or older, you can donate up to $100,000 per year from your IRA to Memphis’ art museum without paying income taxes on the gift. By donating part or all of your unused retirement assets, you are supporting the future of arts and culture in your community.
By transferring these funds from your IRA directly to the Memphis Brooks Museum of Art, they can count toward your required minimum distribution, without being considered taxable income, and lower your adjusted gross income.*
This popular gift option, commonly called the IRA charitable rollover, is also called a qualified charitable distribution (QCD). The Memphis Brooks Museum of Art encourages you to consult a tax advisor or other professional for additional information regarding your specific situation.
*authorized by Section 408(d)(8) of the Internal Revenue Code
Ways to give with your IRA:
- Annual distributions: If you are 70½+ years old, you can donate up to $100,000 directly from your IRA to a qualified charity annually, which counts toward your required minimum distribution starting at age 73.
- Posthumous legacy gifts: If an IRA Charitable Rollover isn’t feasible during your lifetime, you might consider leaving retirement plan assets to the museum as part of your legacy, helping protect those assets from potential taxes.
Qualifications:
- Those aged 70½+ can transfer up to $100,000 per year to non-profit organizations like the Memphis Brooks Museum of Art.
- Only traditional IRAs qualify. Funds from other retirement accounts like 401(k)s must be rolled into a traditional IRA first.
- The rollover must directly support the museum, so funds only qualify if they come directly to Memphis Brooks Museum of Art, rather than being transferred.
- Married couples can each donate $100,000 from their own IRAs, totaling $200,000.
Benefitting you and your museum:
- A gift from your IRA to Memphis’ art museum can achieve your financial goals while elevating the arts, enriching the community and advancing education.
- The donation is not taxed, so it doesn’t increase your income. This helps reduce your taxable income, potentially lowering your taxes in other areas like Social Security and Medicare.
- It counts toward your required minimum distribution (RMD), which you must start taking at age 73.
- You’ll see the impact your donation is making in the community and be acknowledged, or you have the option to give anonymously.
How to give:
This gift is made by instructing your IRA plan administrator to transfer funds directly from your IRA account to Memphis Brooks Museum of Art. We are here to help you - please contact Dorothy McClure by email or at 901.494.9883 with questions.
- First, consult your financial advisor to make sure this fits with your financial plan.
- Then, coordinate with your IRA administrator to make the direct transfer.
Giving earlier in life with your IRA:
It’s never too early to build a legacy with Memphis’ art museum. Along with our traditional giving options, consider these options:
- Age 59 1⁄2+: If you are at least 59 1⁄2 years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
- All ages: At any age, you can designate Memphis Brooks Museum of Art as the beneficiary of all or a percentage of your IRA, ensuring the funds pass to the museum tax-free after your lifetime. Contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.