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.
Make a Gift Through Your IRA
1. From which accounts can I make transfers?
A.From which accounts can I make transfers?
A.
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.
2. To which organizations can I make gifts?
A.To which organizations can I make gifts?
A.
You may make gifts to tax-exempt, 501(c)(3) organizations, including the ACLU of Maine Foundation.
3. How do I make an IRA Charitable Rollover?
A.How do I make an IRA Charitable Rollover?
A.
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
4. What are the tax implications?
A.What are the tax implications?
A.
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”.