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Tax-Free IRA Contributions

Tax-Free IRA Contributions

Do you want to make a gift from an IRA to support the mission of the Museum of Science & History - Pink Palace?

First of all, thank you!  We pledge to use your gift wisely.

Second, to avoid paying taxes on this IRA distribution:

  • You must be 70-1/2 years old.
  • The Pink Palace must be a 501(c)3 non-profit organization.  We are.
  • The Pink Palace must provide you with a gift receipt to file with your taxes.  We will.
  • Your gift can come from any IRA or individual retirement annuity, but not from a simplified employee pension, a simple retirement account or an inherited IRA.

Importantly, this gift automatically satisfies required minimum distributions for the year when the gift is made. That’s a real advantage for a charitably-minded IRA owner who doesn’t need required minimum distributions to live on.

Instruct your IRA trustee or custodian to make a transfer from the IRA directly to: Memphis Museums, Inc.

It’s important to use the correct name, because the law doesn’t provide a way to correct mistakes.

  • It won’t qualify tax-free if the trustee or custodian makes the mistake of putting IRA money in a non-IRA account of yours as an intermediate step.
  • It won’t qualify if the check is made out to you.  

Please talk to your financial and/or tax advisor to make sure your gift qualifies to be tax free.

We appreciate you for your support of the Pink Palace Family of Museums!

For questions, contact:

kelly.blount [at] memphistn [dot] gov   

Museum of Science & History - Pink Palace
3050 Central Avenue
Memphis, TN  38111

Kelly Blount - (901) 636-2424