Make a Qualified Charitable Distribution from your IRA
A Qualified Charitable Distribution (QCD) is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.
Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Option 1:
Contact your IRA custodian and request a direct transfer to:
Chinese American Museum Foundation
Attn: Development
1218 16th St. NW
Washington, DC 20036
Chinese American Museum Foundation’s Tax ID (EIN) number is 82-1782141.
Do not withdraw the funds and make a contribution yourself, or you will have to report the withdrawal as taxable income. If you are requesting the transfer at the end of the tax year, allow enough time for the transfer to complete by December 31.
Option 2:
Instruct the custodian that manages your IRA to send you a check made out to Chinese American Museum Foundation, which you can then mail to us (in order for the QCD to count, you cannot collect the money and then donate it). Allow extra time for the gift to clear in order to take a tax deduction in the current calendar year.
Contact David Uy at David.Uy@ChineseAmericanMuseum.org with your name, the exact amount of your gift, what you would like the gift to support and the name of your IRA custodian so we can provide you with substantiation for your tax return.
The information on this website is not intended as financial, legal, or tax advice. For such advice, please consult an attorney or tax advisor. Information cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.