Qualified Charitable Distributions (QCDs)
IRA Giving
Supporters 70.5 or older with a traditional IRA are eligible to make a donation to the Montclair Art Museum directly from their IRA. These gifts are tax-free, regardless of whether or not you itemize deductions on your tax return, and can help you avoid tax penalties by fulfilling your Required Minimum Distribution (RMD).
For up-to-date information and guidance on IRA giving, please explore the below resources from the Internal Revenue Service (IRS):
- IRA FAQs
- Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity
Stocks
Many donors prefer to make gifts of appreciated stocks, bonds, mutual funds, or exchange traded funds because it can have a large impact on the Montclair Art Museum’s mission while also maximizing potential tax benefits for the donor by avoiding capital gains tax.