IRA Gifts

Donors age 70½ and older can make tax-favored charitable gifts, up to $111,000 per year, as Qualified Charitable Distributions (QCD) from their IRA accounts. After age 73, IRA holders must take a Required Minimum Distribution (RMD), which is taxable. However, if the QCD or RMD is directed as a charitable gift, it is not counted as income for federal tax purposes, and the entire amount goes to support the AWM.
 
Benefits of IRA Gifts:
  • Your gift will be put to use today, supporting the AWM exhibits and programs
  • Beginning in the year you turn 73, you can use your gift to satisfy all or part of your Required Minimum Distribution (RMD)
  • You pay no income taxes on the amount you direct to the AWM. The gift generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift does not count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Simply contact the bank or broker holding your IRA and ask them to send a gift to the American Writers Museum. The check from the IRA must be made payable directly from the IRA custodian to the American Writers Museum. In order to be tax-free, the check cannot be made payable to the donor. Gifts may be sent to:
 
American Writers Museum
180 North Michigan Avenue, Suite 300
Chicago, IL 60601
Tax ID: 27-1822749
 
For more information, consult your professional advisor or IRA administrator, or contact Linda Dunlavy, Director of Development at (312) 374-8762 or [email protected].