You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the IBMA Foundation without having to pay income taxes on the money. Gifts of any value ($100,000 or less) are eligible for this benefit, and you can feel good knowing that you are making a difference in supporting the future of bluegrass music through a nonrestricted donation or a gift designated for one of our specific bluegrass-related grant or scholarship programs.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making. 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 gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Since the gift doesn’t 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.
Please contact Nancy Cardwell at the IBMA Foundation with any questions you have about a donation: 615.260.4807, firstname.lastname@example.org, IBMA Foundation, 1183 University Drive #105-215, Burlington, NC 27215.
Return to the November 2023 issue of The Cornerstone.