Planned Giving: IRA Charitable Rollover Is Still Available
Don’t forget! Congress has extended the IRA Charitable Rollover for 2011. The IRA Charitable
Rollover allows individuals ages 70½ and older to make direct transfers from their IRAs—up to
$100,000 per year—to organizations like the Des Moines Art Center. This is a great way to
support the arts without having to count the transfer as income for federal tax purposes.
The rules for making a gift from your IRA:
-You must be 70½ or older at the time of the gift.
-Your gift must be made directly from your IRA custodian to the Des Moines Art Center. If you
have retirement assets in a 401(k) or 403(b), you must first transfer those funds into an IRA
and then you can direct the transfer to the Art Center.
-Your gift counts toward your required minimum distribution.
-You will not pay federal income taxes on the withdrawal for the gift, so you cannot claim an
income tax charitable deduction.
-Certain states may not exclude gift amounts withdrawn from an IRA for state income tax
purposes. When planning your gift, please be sure to check with your plan provider or tax
preparer on whether your state of residence will tax your intended charitable distribution.
For more information, please contact Development Director Emily Bahnsen via e-mail
or at 515.271.0338.