IRA Charitable Rollover

Also called a Qualified Charitable Distribution

If you’re 70 ½ or older, you can donate to the London Town Foundation through your IRA Charitable Rollover – and receive a tax benefit in return!

 

Make a gift of up to $100,000 to reduce your taxable income. The contribution even counts toward your required minimum distribution (but you can make a direct rollover donation even if you’ve already taken your minimum distribution). Just have your plan administrator send the funds directly to the London Town Foundation.

This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.

Here is what you need to know to take advantage of the opportunity:
 

  • Am I eligible? You need to be age 70½ or older.
     

  • How much can I contribute? Any amount up to $100,000 per year.
     

  • Can my IRA charitable rollover gift count towards my required minimum distribution? Yes, it can! If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
     

  • How do I start the IRA charitable rollover process? Contact your IRA administrator for instructions; notify the London Town Foundation.
     

  • What if I have a 401(k), 403(b) or other plan? Ask your plan administrator to create a rollover IRA. You can then use this to transfer funds to the London Town Foundation.
     

  • When should I make my gift? We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA account, please mail your check by Dec. 20 in order to give us time to process your gift before the end of the year.
     

  • What if I want to support two or more charities? Can I give $100,000 from my IRA to each? No. The law only allows a maximum of $100,000 in total. However, you can give smaller amounts to multiple charities, so as long as the total amount equals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
     

  • What if my spouse also wants to give $100,000 from their IRA? Can my spouse do that? Yes! If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

Next steps

  1. Seek the advice of your financial or legal advisor.

  2. Ask your IRA administrator about making a direct transfer to the Museum or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to the Museum without passing through your hands.) A sample letter is available here. 
     

Legal Name: London Town Foundation
Address: 839 Londontown Road, Edgewater, MD 21037
Federal Tax ID Number: 52-1396159

 

Questions? Contact our deputy director Lauren Silberman at deputydirector@historiclondontown.org or 410-222-1919 x205.