IRA beneficiary designations / IRA Charitable Rollover
One of the easiest ways to sustain the museum’s future is by including the Baltimore Museum of Industry as a beneficiary of your retirement plans.
You can name the BMI as a sole beneficiary, co-beneficiary, or contingent beneficiary of your IRA, 401(k), or other tax-deferred retirement plan. To do so, request a beneficiary designation form from your retirement plan administrator.
If you are 70 ½ or older, you can support the BMI’s mission through an IRA charitable rollover and avoid paying taxes on transfers of up to $100,000. Your gift from your IRA to the BMI is not subject to the deduction limits on charitable gifts. And if you are 72 or older, you can also satisfy your minimum distribution through this transfer.
Donations from a 401K are still taxed as a withdrawal, but you can roll over a portion of your 401K into an IRA and donate it tax-free from the IRA to the BMI via ACH or check from the IRA Administrator. This way your donation will count as part of your annual Required Minimum Distribution, but NOT as part of your annual adjusted income.
To initiate an IRA charitable rollover, contact your IRA administrator and request that a distribution be made directly to the Baltimore Museum of Industry (tax ID #52-1205675) via check or ACH.
Contact the BMI’s Director of Development, Deborah Cardin at (410) 727-4808 x129 / firstname.lastname@example.org to let us know that a gift is on the way. Please be sure to provide your full name, address, and phone number.