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Important Legislative Update on IRA Gifts

IRA Gift Incentive Renewed for 2010 and 2011

On December 17, 2010, the Tax Relief Bill was enacted, retroactively renewing the special tax incentive for contributions made directly to charities from your Individual Retirement Account. This legislation applies to all 2010 and 2011 IRA gifts and contains the following key provisions:

  • You may contribute up to $100,000 directly from your IRA to a publicly supported charity like Midway Village Museum and avoid taxable income on the transfer.

Note: Only distributions from traditional IRAs qualify—not distributions from employer sponsored retirement plans, SEPs, Keoghs, 403(b) plans, 401(k) plans, SIMPLE IRAs, or profit sharing plans.

  • The transfer must be made directly to Midway Village Museum from your IRA administrator. You cannot withdraw the funds yourself and then write a check to the Foundation.
  • You must be age 70 ½ at the time of the gift.
  • Only outright contributions are covered. Life income gifts do not qualify.
  • You cannot receive any benefits in exchange for the gift. Note: You can write a separate personal check to cover the value of any donor society benefits.

If you are over age 70 ½ and must take a required minimum withdrawal from your IRA, then you should consider making your 2010 and 2011 contributions to Midway Village Museum directly from your Individual Retirement Account. If you are interested in taking advantage of this incentive, please contact our Development Office, Midway Village Museum Director of Development at 815-397-9112, ext. 109 or It is always a good idea to consult with your tax adviser first.

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