Why Give Through a IRA Charitable Distributions?
The IRA Charitable Rollover permits individuals age 70 ½ or older to make distributions up to $100,000 from a traditional Individual Retirement Account or ROTH IRA directly to charitable organizations like VPM.
The distribution counts towards your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI). In addition, an IRA gift is not subject to the deduction limits on charitable donations.
Charitable contributions from an IRA must go directly to a public charity such as VPM. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions must be made directly from the IRA trustee payable to VPM or another non-profit before December 31 to qualify for the current tax year. You must receive an acknowledgment from VPM or other charity for each rollover contribution.
The IRS does not allow for any goods or services to be transferred to you in exchange for a contribution from your IRA; however, your VPM membership will be continued.
What your plan administrator will need:
Legal name: VPM Media Corporation (VPM)
Federal Tax ID# (EIN): 54-0735782
Mailing address: VPM (Attn: Development), 23 Sesame Street, Richmond, VA 23235
We recommend that you seek advice from your financial advisor or tax professional prior to making a charitable rollover as personal circumstances can have a significant impact on whether charitable rollovers are advantageous.
Questions about your giving to VPM via an IRA Distribution? Email Jennifer Whiteside, Director of Membership at [email protected] or call (804) 560-8215.