IRA FAQs

IRA FAQs

Make a Gift Tax-Free with an IRA

A Tax-saving way to help The Florida Aquarium

 

Frequently Asked Questions

  • Q. I'm turning age 70½ in a few months. Can I make this gift now?
    • A. No. The legislation requires you to reach age 70½ by the date you make the gift.

 

  • Q. Can my gift be used as my required minimum distribution under the law?
    • A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

 

  • Q. Do I need to give my entire IRA to be eligible for the tax benefits?
    • A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

 

  • Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
    • A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

 

  • Q. My spouse and I would like to give more than $100,000. How can we do that?
    • A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

 

Please feel free to contact Grant E. Martin, CFRE, FAFP, Vice President of Development at (813) 367-4018 or gmartin@flaquarium.org with any questions you may have.

 

*Please note that donors cannot receive any benefits from The Florida Aquarium for this gift.