Charitable Gifts Through Your IRA
The IRA Charitable Rollover is a tax-wise way to support Musicopia!
Are you 70 ½ years of age or older? Do you also have an IRA? If so, then you probably know that you must take a Required Minimum Distribution (RMD) each year.* Consider using your RMD to make a qualified charitable gift directly from your IRA to Musicopia . By transferring funds directly from your IRA to Musicopia, you avoid having to recognize the transfer as taxable income for federal tax purposes.
*A change was made by the SECURE Act and signed by the President on December 20, 2019. The Act changes the beginning date for your first requirement minimum distribution: If you turned 70 ½ prior to January 1, 2020, your RMDs are based on age 70 ½. (No change.) If you turned 70 ½ after December 31, 2019, you now are not required to take a minimum distribution until you reach 72. This is new as of December 2019.