Make a Tax-Smart Gift from Your IRA
If you’re age 70½ or older, you can make a gift directly from your Individual Retirement Arrangement (IRA) to Plains Art Museum, which is a smart way to support the arts while potentially reducing your taxable income.
This type of gift is called a Qualified Charitable Distribution (QCD), often referred to as an IRA charitable rollover.
Benefits of an IRA Rollover Gift
- Avoid income tax on the amount donated
- Satisfy all or part of your Required Minimum Distribution (RMD) if you’re 73 or older
- Make an immediate impact on our programs and mission
- No itemized deduction needed—you benefit even if you don’t itemize
Key Facts
- You must be 70½ or older at the time of the gift
- For a donation to qualify as a QCD, you cannot receive benefits above de minimis value in exchange for your support. This means that IRA rollovers generally don’t work for purchases such as Spring Gala tickets, special dinners, etc.
- The maximum annual amount is $108,000 per individual ($216,000 for couples with separate IRAs)
- The gift must be made directly from your IRA custodian to Plains Art Museum
- Gifts can be made from Traditional, Rollover, and Inherited IRAs, as well as inactive SEP IRAs or inactive SIMPLE IRAs. (Distributions can sometimes be made from Roth IRAs , but this option generally does not have the same tax benefits; consult your tax advisor to discuss your situation)
How to Give
Contact your IRA plan administrator and request a Qualified Charitable Distribution to:
- Plains Art Museum
- EIN 41-1260780
- PO Box 2338
- Fargo, ND 58108
Contact Megan Even, Director of Development at meven@plainsart.org or 701.551.6122
Let us know once you’ve initiated the transfer so we can properly acknowledge your gift and ensure it supports the area you care about most.