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Make a difference today and save on taxes. It is possible when you support the Virginia Museum of Fine Arts through your IRA.
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 Virginia Museum of Fine Arts 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 at VMFA. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
No. You must be 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, thrift savings plan (TSP), 401(k), or 403(b) plan into an IRA and then make the transfer from the IRA directly to the Virginia Museum of Fine Arts. 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 73, 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.
No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $100,000 from their IRA.
Yes! If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.
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.
If you are 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.
No matter your age, you can designate the Virginia Museum of Fine Arts 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 is 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.
During her 25 years as a docent at the Virginia Museum of Fine Arts, Katherine "Kay" Gwaltney Remick has learned a great deal about art history. A former librarian and proprietor of a children's bookstore, Kay is eager to help visitors learn to 'read' the works in the galleries.
"The paintings are like books on the wall," she explains. "Once you know a little bit about them, whole new worlds open up."
As much as she enjoys sharing her knowledge with museum patrons, Kay knows that personal connections are often the most powerful. Her experience leading tours for visitors with Alzheimer's disease and dementia provides dramatic examples.
"I was with a group to see Frederick Carl Frieseke's Blue Interior: Giverny (The Red Ribbon), which depicts a young woman in a blue and white dress adjusting her hair ribbon in front of a mirror," Kay recalls. "Looking at this painting prompted one participant—who had been completely withdrawn until then—to begin talking about what the color blue had meant throughout her life."
To ensure that the museum continues to inspire visitors long after she retires from her docent career, Kay named VMFA as the beneficiary of her IRA, with the proceeds benefiting education.
Legal name: Virginia Museum of Fine Arts Foundation
Legal address: 200 N. Arthur Ashe Blvd., Richmond, VA 23220
Federal tax ID number: 51-0205333