On Dec. 18, Congress passed, and the President signed, the PATH Act, which makes permanent the provision that allows tax-free donation of assets from Individual Retirement Accounts (IRA) for charitable purposes. Many have seen their IRA assets (pre-tax dollars) grow, tax-free. PATH allows assets to be transferred (donated) to non-profit organizations, tax-free!
Donors who hold traditional IRAs, who are at least 70 ½ years old, may make direct transfers of up to $100,000 per year, to the Moravian Music Foundation, to preserve, celebrate, and cultivate Moravian music. Moravian Music Foundation Inc. is a 501(c)3 non-profit organization (EIN 56-0637463)
The donation is excluded from gross income, does not count toward the IRS cap on deductions, and the transfer counts toward the Required Minimum Distribution.
The Moravian Ministries Foundation of America is available to answer questions and will assist anyone with the process of transferring funds from an IRA to the Moravian Music Foundation; Paul McLaughlin may be reached at 888-722-7923 or 336-725-2589.
Read more at MMFA website.