Gifts From an IRA
- The distribution must be made from a traditional or Roth IRA. Other retirement accounts, such as those under 401(k), 403(b), or 401(a) plans, are not eligible.
- You must be at least 70-1/2 years of age when the distribution is made.
- You can give up to $100,000 per year without including the distribution in your gross income. (Married couples may be able to give up to $200,000, see your tax advisor.) Amounts given count toward your annual required minimum distribution.
- The distribution must be made directly from the IRA administrator to MMCF or other qualified public charity (rather than to you).
- Gifts under this provision must be made outright, and cannot be used for any quid pro quo benefits or to establish a charitable gift annuity or charitable remainder trust.
- The law permitting this special treatment has been made permanent, with no expiration, so qualified charitable distributions now can be made each year.