Benefit the FIA with Your IRA Distribution
There may be new requirements!
Currently, individuals 70½ are required by the IRS to take annual Required Minimum Distributions from their retirement accounts. If the impending SECURE Act is passed, the age will change to 72. Check with your financial advisor to verify the required age. Please consider directing your distribution to the Flint Institute of Arts. The FIA is a 501(c)(3) which qualifies you to take a tax-free distribution from your retirement plan. This is an excellent way for you to make gifts and receive tax benefits in return.
- Contact the broker or investment company that manages your IRA.
- Set up a transfer directly from your IRA to the FIA. You are the IRA trustee and it is up to you to make the order to qualify for the tax benefit of showing no income from the distribution. Please remember: if you withdraw the money from your IRA and later donate it, it will not qualify as a tax-free qualified charitable distribution.
- All distributions must be made any-time during the calendar year but always on or before Dec. 31, 2019.
- The FIA will send you a donation acknowledgement for tax purposes.
If you have questions, please call or email Kathryn Sharbaugh, 810.234.1695 or firstname.lastname@example.org.