Donating to ATC directly from your Individual Retirement Account (IRA) is an easy and efficient way to make a big impact for the mission-driven programs and productions that you love. If you are 70½ years of age or older you can make a transfer directly from your IRA to ATC without realizing any taxable income. If you are age 72 or older, this charitable transfer can also satisfy your Required Minimum Distribution (RMD).
IRA Gift Rules and Requirements
- With the passage of the SECURE Act, as of January 1, 2020, the age at which individuals must begin taking Required Minimum Distributions (RMDs) from their retirement savings has risen from 70½ to 72
- You may still make a gift from your IRA if you are 70½ years of age on the date of the gift
- You may contribute up to $100,000 per year as an individual
- You must transfer funds directly from your IRA to ATC or the charity of your choice
- You do not realize any taxable income on the transfer and cannot claim an income tax deduction for the gift
- If you are 70½ years of age or older (but under age 72), any qualifying charitable deductions, while excluded from taxable income, may be included in calculating your future requirement minimum distribution
- No goods or services may be received for your donation.
Please consult your financial advisor for guidance about how making an IRA charitable rollover gift affects your specific situation.