Year-End Tax Planning
Interested in year-end tax planning? These two options may be of assistance to you. We would appreciate your support.
DONATING STOCK
Benefits of Donating Stock to the Scottsdale Museum of the West:
Gifts of stock and other securities are a popular way to give to charity as is Scottsdale Museum of the West, a 501-c-3 organization.
There are favorable tax rules for donors who want to donate long-term (stock owned for greater than one year)
– Donors never have to pay capital gains on the appreciated stock
– Donors receive a deduction equal to the fair market value of the stock at the time the transfer (its increased value)
– No matter how large the donation, there is no need to obtain an appraisal
To download and print the Stock Transfer (DTC) Instruction Form, please CLICK HERE.
CHARITABLE GIFTS THROUGH YOUR IRA
Who qualifies?
Under current law, RMDs generally begin at age 73 for individuals who turn 72 after December 31, 2022. A QCD may also count toward fulfilling your RMD for the year — but QCD eligibility remains independent of RMD age.
How much can I transfer?
For 2025, the maximum annual amount eligible for a Qualified Charitable Distribution (QCD) is $108,000 per individual. For married couples, each spouse may make up to $108,000 from their own IRA (potential combined total = $216,000).
From what accounts can I make transfers?
Transfers must come from your IRAs directly to Scottsdale Museum of the West. If you have retirement assets in a 401(k), 403(b) etc., you must first roll those funds into an IRA, and then you can direct the IRA provider to transfer the funds from the IRA directly to Scottsdale Museum of the West.
To what charities can I make gifts?
Tax exempt organizations that are classified as 501(c)(3) charities, including Scottsdale Museum of the West.
Can I use the rollover to support a particular purpose at Scottsdale Museum of the West?
As with all other gifts, you can direct your IRA Charitable Rollover gift to whatever cause or purpose you choose.
How will Scottsdale Museum of the West count the gift?
We will give you full credit for the entire gift amount.
What are the tax implications to me?
Federal: The transfer to Scottsdale Museum of the West is not recognized as income, provided it goes directly from the IRA provider to the museum.
State: Each state has different laws, so you will need to consult with your own advisors.
What is the procedure to execute an IRA charitable rollover?
Contact your IRA plan provider to learn their procedures. Contact us when you direct the rollover so we can look for the check from your plan provider.
To download and print the Request for Direct Charitable Distribution from IRA Form, please CLICK HERE.