IRA Charitable Rollovers

If you are 70 1/2 years old or older, you can take advantage of a simple way to benefit Friends of the Berryville Library, Inc. and receive tax benefits in return. You can give any amount up to $100,000 per year from your individual retirement account (IRA) directly to a qualified charity, such as the Friends, and exclude it from your taxable income.

This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCD).

Our federal tax number is 84-4478621.

If you have any questions, please contact the Berryville Library at 870-423-2323 or email us at [email protected].

Why consider this gift?

  • Beginning in the year you turn 72, your gift satisfies all or part of annual required minimum distributions (RMD) and provides a charitable giving strategy for donors who do not need the additional income.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Your annual income level may be reduced since the gift doesn’t count as income. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

What are the requirements and restrictions for making an IRA charitable rollover gift?

  • You must be at least age 70 1/2 on the date of the gift.
  • Distributions are limited to $100,000 per individual per year, and must be transferred directly to Friends of the Berryville Library, Inc. from your IRA custodian.
  • QCDs can come only from a traditional or Roth IRA (not from a retirement plan such as a 401(k), 403(b), etc.).
  • QCDs can only be made to public charities such as the Friends of the Berryville Library, Inc. They cannot be made to private foundations or donor advised funds, or be used to fund a charitable gift annuity or charitable remainder trust. Note: You should consult your legal or financial advisor as other requirements may apply.

Next Steps:

If you wish to make a QCD, please contact your IRA Administrator and instruct that person to transfer funds to Friends of the Berryville Library, Inc. at the following address: Friends of the Berryville Library, Inc., 104 Spring Street, Berryville, AR 72616.


Please check your e-mail for a link to activate your account.