People age 70½ or older can make direct transfers to charitable organizations from their Individual Retirement Accounts, without the withdrawal being treated as taxable income. Find more information by clicking here.
- From which accounts can I make transfers? Transfers must come from your Individual Retirement Account(s) directly to the ACLU Foundation. The Charitable Rollover does not apply to 401(k), 403(b), or other retirement plans.
- To which organizations can I make gifts? You may make gifts to tax-exempt, 501(c)(3) organizations, including the ACLU of Maine Foundation.
- How do I make an IRA Charitable Rollover? Contact the financial institution that holds your IRA about how to instruct them to make a direct charitable transfer. You may instruct them to make a distribution to:
American Civil Liberties Union of Maine Foundation, Inc.,
PO Box 7860
Portland, ME 04112
Tax ID #010367357
What are the tax implications?
- Federal — The transfer is not recognized as a taxable withdrawal from your IRA, and does not afford you an income tax charitable deduction. The withdrawal can be counted toward your “required minimum distribution”.