With fewer taxpayers itemizing their deductions due to the federal tax law changes last year, giving to Madison Public Library Foundation from an IRA has become increasingly popular.
If you’re older than 70 ½, you can make a Qualified Charitable Distribution (QCD) of up to $100,000 per year from a Traditional, Rollover, Inherited, SEP or SIMPLE IRA to the foundation. The gift counts toward your Required Minimum Distribution (RMD). In addition to knowing you’re helping the library serve more people in our community, a QCD excludes the gift from taxable income if it’s a direct transfer of funds from the IRA custodian to the foundation on or before December 31 — unlike regular withdrawals from an IRA.
The foundation also accepts gifts of stock and securities, contributions from donor-advised funds and trusts, and other sorts of smart giving mechanisms. Click here to learn more about smart ways to give, or call our office at 608.266.6318.