Qualified Charitable Distributions

If you are over the age of 70 ½, the IRS permits a transfer up to $100,000 to charity tax-free each year. These transfers are known as Qualified Charitable Distributions, or QCD’s and offer eligible friends of MOG an easy way to contribute to the Museum.

Your IRA, 401(k), 403(b), or other qualified retirement plan can provide a tax-smart way to make an immediate impact on Museum of Glass. The Qualified Charitable Distribution or QCD (sometimes called an “IRA Charitable Rollover”) is a great way to make a tax-free gift now to MOG and satisfy your Required Minimum Distribution (RMD).

Normally, distributions from a traditional individual retirement arrangement (IRA) are taxable when received. With a QCD, however, these distributions become tax-free as long as they are paid directly from the IRA to an eligible charitable organization.

QCDs can be made electronically, directly to the charity, or by check payable to the charity.

A gift of retirement plan assets could be right for you if are 701/2 years old and:

• You have an IRA or other Qualified Retirement Plan such as a 401(k) or 403(b).

• You do not expect to need all your retirement plan assets during your lifetime.

• You have other assets, such as securities and real estate, that you want to pass to heirs.

• You want to provide income or payments to loved ones after you are gone.

• You would like to make a charitable bequest to Museum of Glass.