LEGACY SOCIETY | September 2024

Benefits of an IRA charitable rollover

· Avoid taxes on transfers of up to $105,000 from your IRA to the Museum of New Mexico Foundation and designated to the institutions we support.

· May satisfy your required minimum distribution (RMD) for the year.

· Reduce your taxable income, even if you do not itemize deductions.

· Make a gift that is not subject to the deduction limits on charitable gifts.

· Help further the work and mission of the Foundation and that of the institutions we support.

How an IRA charitable rollover gift works

1. Contact your IRA plan administrator to make a gift from your IRA to the Museum of New Mexico Foundation and designated to one or more of the institutions we support.

2. Your IRA funds will be directly transferred to the Foundation to help continue our important work and that of the institutions we support.

3. Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.

4. Please contact us if you wish for your gift to be used for a specific purpose.

Gifts from your IRA

If you are 70½ or older, you can use your IRA to fulfill your charitable goals. You can use the "Make a Gift from My IRA" tool to contact your IRA custodian and make a qualified charitable distribution. We will acknowledge your generous gifts as a qualified charitable distribution, which may satisfy your RMD, if applicable.

If you have any questions about an IRA charitable rollover gift, please contact Laura Sullivan, Director of Planned Giving, at laura@museumfoundation.org or 505.216.0829.