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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 Pink Palace Family of Museums?

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:

Cathi.Johnson [at] memphistn [dot] gov   

Pink Palace Family of Museums
3050 Central Avenue
Memphis, TN  38111

Cathi Johnson at 901.636.2412