Support the Chagrin History Center with a Tax-Free Gift from Your IRA
If you are 70½ or older, you can make a powerful impact on preserving our local heritage through a Qualified Charitable Distribution (QCD). This option allows you to donate directly from your IRA to the Chagrin History Center without paying income taxes on the transfer.
How It Works
- Satisfies RMDs: If you are at the age where you must take Required Minimum Distributions (RMDs), a QCD counts toward that mandatory amount.
- Lowers Your Taxes: The donated amount is excluded from your adjusted gross income (AGI). This can help lower your overall tax bracket and protect your Social Security benefits from higher tax rates.
- No Tax Deductions: Because the distribution is already 100% tax-free, you cannot double-dip by claiming it as an itemized charitable deduction.
How to Give
- Contact Custodian: Request a “Qualified Charitable Distribution” form or electronic transfer request from your IRA provider (such as Fidelity, Vanguard, or Charles Schwab).
- Choose Your Transfer Method:
- Direct Electronic Transfer: Instruct your provider to wire or electronically transfer the funds directly to the Chagrin History Center’s bank account.
- Custodian-Mailed Check: Instruct your provider to issue a physical check made payable directly to the Chagrin History Center and mail it straight to our office.
- Hand-Delivered Check: Request that the provider mail the check—made payable directly to the Chagrin History Center—to you first, so you can deliver or mail it to us personally.
Note: No matter which method you choose, to avoid taxes the funds must move directly from your IRA to the Center; the check or transfer cannot be made out to you personally.
Key Guidelines for 2026
- Age Limit: You must be at least 70½ years old on the exact day of the transfer.
- Annual Maximum: Individuals can donate up to $111,000 per year. Married couples can each give up to $111,000 from their respective IRAs.
- Eligible Accounts: Applies to Traditional, Rollover, and Inherited IRAs. Active employer-sponsored plans (like an active 401k) do not qualify.
Please consult your financial advisor or tax professional to ensure a QCD aligns with your personal tax strategy.