If you meet the age requirement per Federal Tax Laws (70 ½ as of 2019), you may be able to make a tax-free charitable gift to the American Truck Historical Society from your IRA. A “Qualified Charitable Distributions” (QCD) allows individuals to donate up to $100,000 each year, subject to deductible contributions made to your IRA. It is an effective way to support the American Truck Historical Society while achieving your philanthropic goals. Please consult your tax advisor or financial planner for more details.
Please note the following:
- The donation must be made directly from the custodian of your IRA to the American Truck Historical Society.
- The donation must be cashed (not just received) by the American Truck Historical Society in the calendar year to satisfy your required minimum distribution.
- You cannot receive any goods or services in exchange for the QCD portion of your IRA donation.
- While the SECURE Act changed the start date for mandatory distributions to age 72, Qualified Charitable Distributions can still be made beginning at age 70½.
Please consult your professional tax advisor before contributing through your retirement account.