Giving From IRA Distribution Is Easy
If you love supporting Madison Public Library, but are also looking for a way to reap tax benefits, consider learning about how to transfer your required minimum distribution to a charitable organization of your choice – Madison Public Library Foundation, in this case.
Based on new legislation passed in 2016, those over the age of 70 ½ can transfer their RMDs from their IRA – anytime during the year. After turning 70 ½, traditional IRA or Roth IRA owners can transfer up to $100,000 to a charitable organization of their choice, even if that exceeds the RMD. This is a tax-free transfer that is not included in the owner’s gross income.
There are many tax benefits to charitable IRA distributions, including exemption from itemized deduction and keeping the money out of your adjusted gross income. We hope that you will consider making a charitable contribution to the Foundation. For more information on how to make this transfer, please call Madison Public Library Foundation at 608.266.6318.