Another Way to Give to Your Museum: Tax-Free IRA Gifts
If you are aged 70 ½ or older it’s possible to make a tax-favored charitable gift from traditional and Roth IRA accounts. In 2015, Congress passed legislation making the charitable IRA rollover permanent. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one of more qualified charities such as the Anchorage Museum free from federal income tax. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.
To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. If you have check writing privileges on your account, this may be the most efficient way to make gifts directly from an IRA.
Check with your IRA administrator or your tax adviser for more information.