If you're 70.5 or older, a charitable gift transferred from your IRA directly to the Cambridge Public Library Foundation will not be taxed and will qualify towards your required minimum distribution (RMD), maximizing benefits to you and the Library.
Congress introduced the IRA Charitable Rollover in 2006 as part of the Pension Protection Act. It was an effort to help reduce taxes and promote charitable giving, but was never permanent until 2016. The concept is straightforward:
The Cambridge Public Library Foundation is here to help! The process is quick and easy...
Contact your IRA administrator to request the donation of your RMD. Here is a sample letter you could use. Most firms require the following contact information, and Federal Tax ID number (47-5391781), as well as your signature on necessary documents.
Marta Lee-Periard, Foundation Director
Cambridge Public Library Foundation
449 Broadway, Cambridge, MA 02138
Email: [email protected]
Telephone: 617-798-0959
Federal Tax ID: 47-5391781
That's it! Thank you so much for your contribution to the Cambridge Public Library Foundation!
Congress introduced the IRA Charitable Rollover in 2006 as part of the Pension Protection Act. It was an effort to help reduce taxes and promote charitable giving, but was never permanent until 2016. The concept is straightforward:
- Individuals with IRAs must take Required Minimum Distributions (RMD) the year they turn 70.5, even if they don’t need the income. This income is taxable.
- The Charitable Rollover allows IRA account holders to donate up to $100,000 of their RMDs directly to nonprofit organizations and avoid having this amount treated as income.
The Cambridge Public Library Foundation is here to help! The process is quick and easy...
Contact your IRA administrator to request the donation of your RMD. Here is a sample letter you could use. Most firms require the following contact information, and Federal Tax ID number (47-5391781), as well as your signature on necessary documents.
Marta Lee-Periard, Foundation Director
Cambridge Public Library Foundation
449 Broadway, Cambridge, MA 02138
Email: [email protected]
Telephone: 617-798-0959
Federal Tax ID: 47-5391781
That's it! Thank you so much for your contribution to the Cambridge Public Library Foundation!
IRA Rollover header photo © Lina Raciukaitis