Smart Giving from Your IRA

A Tax-Saving Way to Help the Deltaville Maritime Museum

Make a difference today and save on taxes. It is possible when you support the Deltaville Maritime Museum.

A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $105,000) per year from your taxable IRA directly to a qualified charity such as the Deltaville Maritime Museum without having to pay income taxes on the money. Gifts of any value $105,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at the Museum. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why Consider This Gift?

• Your gift will be put to use today, allowing you to see the difference your donation is making.
• Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
• 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.
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
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Take Action! Give From Your IRA.

Frequently Asked Questions

I am turning age 70½ in a few months. Can I make this gift now?

I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?

Can my gift be used as my required minimum distribution?

Do I need to give my entire IRA to be eligible for the tax benefits?

When do I need to make my gift?

I have two charities I want to support. Can I give $105,000 from my IRA to each?

My spouse and I would like to give more than $105,000. How can we do that?

Can I use the transfer to fund life-income gifts like charitable remainder trusts or charitable gift annuities?

I have already named the Deltaville Maritime Museum as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?

For Those 59½ Years Old or Older

Starting at 59½, you can take distributions from your IRA without penalty. If you then make a gift from those funds and itemize your deductions, you may be able to take a charitable deduction for the amount of your gift.

At Any Age

No matter your age, you can designate the Deltaville Maritime Museum as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.

Tip: It is critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.