Delaware Valley Historical Aircraft Association P.O. Box 747 Horsham, PA 19044-0747 215-672-2277
Are You 72* and will be taking a Required Minimum Distribution (RMD) from your IRA?
If so, consider this tax-free option when making an end-of-year gift to the Delaware Valley Historical Aircraft Association (DVHAA) Wings of Freedom Aviation Museum.
Contact your financial advisor or the firm holding your IRA or Beneficiary Inherited IRA to request a Qualified Charitable Distribution (QCD). IRA account holders who have attained the age of 72* or older, may take tax-free distributions from a Traditional or Beneficiary IRA and donate the amount distributed to an eligible tax-exempt charitable organization.
The DVHAA Wings of Freedom Aviation Museum is a 501c3 organization which qualifies under the Internal Revenue Service Code to receive these contributions. Please ensure that the custodian makes the check payable directly to the DVHAA. You must not take receipt of these funds and then issue a personal check for your contribution and qualify for the special tax considerations of the QCD.
The QCD amount can represent all or a portion of your Required Minimum Distribution (RMD) for the tax year; or more should that make sense from a tax and estate planning perspective. The total of all QCD’s for a single tax year cannot exceed $100,000 per individual taxpayer. The QCD will be reported by the firm holding your IRA to you, and the IRS, on form 1099-R as normal distribution (Code 7) based on your age. You must document the tax-free qualification to the IRS on your Federal income tax return (Form 1040). Please visit the IRS website www.irs.com or contact a professional tax advisor for more information. The DVHAA will provide you a letter confirming your contribution and this should be retained with your tax records.
*Persons who reached age 70 ½ before January 1, 2020 are also eligible.
If you have questions please contact:
Mark Hurwitz
215-353-3232
Thank you for considering a contribution to the DVHAA – Wings of Freedom Aviation Museum