IRA Charitable Rollover


Walter Dusenbery, Damascus Gate, 2002,  travertine, 240 in x 176 in x 51 in, Grounds For Sculpture, Gift of The Seward Johnson Atelier, photo: David Michael Howarth Photography

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There are many tax-effective ways to make a gift to Grounds For Sculpture. If you’re 70½ or older, you may want to consider an IRA charitable rollover, which could lower the income taxes from your required annual IRA withdrawals.


Recap of Charitable IRA Rollover Rules

  • Donor must be at least 70 ½ years of age when the gift is made
  • Transfer must be made directly from the IRA administrator to a qualified charity (like Grounds For Sculpture)
  • The maximum allowed gift per individual is $100,000 per year
  • Must be outright gifts
  • This gift opportunity only applies to IRAs
  • The charitable IRA distribution can be used to pay a pledge
  • Please note that for tax years beginning with 2020, the minimum age for a charitable IRA rollover remains 70 ½ but the minimum age for IRA Required Minimum Distribution (RMD) is 72 for those individuals attaining that age after 2019. Accordingly, an individual turning 70 ½ after 2019 may initiate a charitable IRA rollover that will not be considered an RMD for the tax years before they turn 72.

Benefits of Charitable IRA Rollover

  • May make a significant gift without using cash or other assets
  • The rollover amount is a tax-exempt distribution and not subject to income tax
  • IRA rollover can be used to meet all or part of required minimum distribution (RMD)
  • Gift not subject to charitable gift limitations
  • Still benefit from reduced taxes if you do not itemize

Steps for Directing a Charitable IRA Rollover to Grounds For Sculpture

Contact your IRA plan administrator for their specific transmittal form to request a gift transfer from your IRA to Grounds For Sculpture. For 2022 credit, direct your plan administrator to make the transfer on or before December 31, 2022. Postmark must be no later than December 31, 2022We recommend if mailing your rollover check, send via certified mail for proof of mailing. Inform Grounds For Sculpture of the designation of your gift by noting it at the bottom of your direction letter or by contacting Marissa Reibstein at (609) 249-0233 or mreibstein@groundsforsculpture.org

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