
2023 End of Year Giving: Tax-Free IRA Gifts
If you are 70½ or older, you can make a tax-favored charitable gift from a traditional or Roth IRA account.
In December 2015, the President signed into law legislation that makes the charitable IRA rollover provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities such as the Friends of the Children’s Museum at La Habra free from federal income tax each year.
There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.
To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities.
For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.
Please contact Tommy Monje, Friends of the Children's Museum's Executive Director/Chief Development Officer, at tommy@fcmlh.org or 562-383-4242, for more information.