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IRA - Frequently Asked Questions

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No. The legislation requires you to reach age 70½ by the date you make the gift.

Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to the National Flute Association. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Yes, absolutely. Beginning in the year you turn 72, you can use your gift to satisfy all or part of your RMD.

No. You can give any amount under this provision, as long as it is no more than $100,000 per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

No. If donors receive any goods or services (e.g., tickets to a fundraiser) that would have reduced their charitable deduction had they made an outright gift to the charity, the rollover of assets from an IRA will not qualify for the tax-free treatment under this provision. IRS Publication 1771, Charitable

For those 59 1/2 years old or older:

If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

 

At any age:

No matter your age, you can designate the National Flute Association as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.

 

Tip: 

It’s critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.

 

NEXT STEPS:

1. Contact Michael Williams at 720-815-5597 or mwilliams@nfaonline.org to discuss using your IRA to support the National Flute Association and our mission.

2. Seek the advice of your financial or legal advisor.

3. To include the National Flute Association in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions, so your goals won’t be honored). 

 

Legal name: National Flute Association

Legal address: 70 E. Lake Street, Chicago, IL 60601

           Federal tax ID number: 23-7306996