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IRA Qualified Charitable Distribution

Sonja Thomsen, in the space of elsewhere (installation detail), 2017. Mixed-media, site-specific installation. Courtesy the artist.

If you have assets in an Individual Retirement Account (IRA), there may be a tax strategy to make gifts from these assets rather than from your bank account. The government requires you to take a minimum distribution from your IRA, regardless if you have sufficient income from other sources, beginning with the year you turn age 73 (70 ½ if you turned 70 ½ in 2019). The IRA Qualified Charitable Distribution allows you to direct up to $100,000* directly to the Madison Museum of Contemporary Art. The amount of the gift will not be included as taxable income to you, yet satisfies your annual required minimum distribution and provides support to a favorite non-profit like MMoCA.

For additional information about the IRA Qualified Charitable Distribution, including sample letters and instructions, contact Judy Schwickerath at [email protected].

*The maximum IRA Qualified Charitable Distribution is adjusted annually for inflation.