IRA Charitable Rollover
A gift from your IRA is a tax-wise way to support Frye exhibitions, community and education programs, and ongoing special projects. The IRA Charitable Rollover allows individuals age 70 ½ and older to donate up to $100,000 to charitable organizations directly from their IRA without treating the distribution as taxable income. For individuals 72 years of age and older who are obligated to take a Required Minimum Distribution (RMD), a Charitable Rollover gift to the Frye Art Museum can satisfy all or part of your RMD and can benefit you even if you claim the standard deduction. Rules for Qualified Charitable Distributions (QCD) include:
- You must be a least 70 ½ years old at the time you request a QCD
- To count toward your current year’s RMD, funds must come out of your IRA by your RMD deadline (generally December 31)
- A maximum of $100,000 (in total) may be distributed to all charities
- Funds must be transferred directly from your IRA custodian to the qualified charity. Ask your IRA custodian to issue a check from your IRA payable to Frye Art Museum. You can request that the check be mailed directly to the Museum or forward the check to the Frye yourself. (Frye Art Museum, 704 Terry Avenue, Seattle, WA 98104)
2021 YEAR-END UPDATE: Required Minimum Distribution requirements are in effect for 2021 (after a one-year suspension in 2020). If you would like to make a Charitable Rollover gift to satisfy your RMD, please contact your IRA administrator to initiate a transfer.
Please consult your tax advisor to understand how a charitable distribution from your IRA will impact your specific situation. The Frye Art Museum is not able to provide tax or legal advice.