Quilt "forest" through Jan. 3
Estate Planning can benefit future generations, leave a lasting legacy.
UPDATE: IRA Rollover Credit Back ... Temporarily
The IRA Charitable Rollover provision allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income. The provision is part of a package of 55 temporary tax extenders that were reinstated retroactively for only the 2014 tax year, but were set to expire again on January 1, 2015.
The IRA Charitable Rollover allows individuals 70½ and older to donate up to $100,000 from their Individual Retirement Accounts and Roth IRAs to public charities without having to count the distributions as taxable income. The transfer, if done properly, counts toward the taxpayer's required minimum distribution for that year.
Leave your IRA, 401K or other retirement plan to anyone besides a spouse, and more than half the value could be lost in taxes. Leave it to the McHenry County Historical Society, and the FULL VALUE will be put to use preserving and sharing the history of McHenry County for future generations. And the process is simple:
• Contact your plan provider or human resource department for a “change of beneficiary” form. In some cases, the form can be downloaded directly from your provider's website.
• Complete the form, naming the McHenry County Historical Museum as a beneficiary at a percentage of your choosing. (Call our office at 815-923-2267 for our tax identification number.)
• Once you have submitted the form to your provider, notify the Society so we can add you to your list of legacy donors.
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