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