There is still time to get a tax deduction!
Make your donation by December 31st and receive a tax deduction. And in case you missed the news item, congress has made the tax-free IRA rollover contribution rule permanent. So if you are 70 ½ years or older, please consider making a contribution from your IRA and enjoy the considerable tax benefits.*
Thank you for helping us build a community where ocean literacy is a local legacy!
Photo by Stephen Cunliffe
*Tax Benefit Alert:
After years of lobbying by the charitable community the IRA Charitable Rollover has been made permanent by Congress. This means that those who are over 70 ½ years old can take advantage of this provision by having a donation from their IRA go directly to the Port Townsend Marine Science Center.
Donors can receive this tax benefit if:
- The donor is age 70 1/2 or older on the day of the gift.
- The donor transfers the funds (up to $100,000) directly from the donor's IRA to the Port Townsend Marine Science Center. This opportunity applies only to IRAs and not to other types of retirement plans.
- The donor pays no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so donors benefit even if they do not itemize their tax deductions.
- The gift can satisfy all or part of the required minimum distribution for the year from the IRA.
- The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
- The donor CANNOT receive ANY goods or services in return for the rollover gift in order to qualify for tax-free treatment.
The new legislation does not have an expiration date.
Donors who have check writing ability on their IRA accounts will have the easiest time of it, as they can simply write a check for an IRA Charitable Rollover. Those who have to request a distribution from their IRA provider must do so in time for it to be received before December 31st.