Tax Deductibility

Tax-Deductible Contributions

The Montshire Museum is a 501(c)(3) nonprofit organization. The value of membership benefits is not substantial so membership fees are fully tax-deductible as provided by law. Some donor benefits, including guest admission passes, have a substantial value and reduce the tax-deductible amount of your gift. Read a detailed description of membership levels, benefits, and their impact on tax deductibility. Benefits and tax deductibility 2013.

Tax news for donors 70 1/2 or older

IRA Rollovers can once again be used to make tax-exempt contributions to the Montshire Museum and other 501(c)(3) nonprofits. The American Taxpayer Relief Act, signed into law on January 1, 2013, extended the IRA Charitable Rollover for 2012 and 2013. Individuals who are 70 1/2 or older can make a direct transfer ("rollover") of up to $100,000 to a charitable organization without having to pay income taxes on that money. (These distributions may be used to satisfy a minimum distribution requirement. Because they are tax exempt, rollovers are not also tax deductible.)

Because of the timing of the legislation, Congress provided two special transition rules:

  • Qualified charitable distributions made before February 1, 2013, may be counted retroactively for the 2012 tax year.
  • A taxpayer who took a distribution from an IRA account in December 2012 may make a contribution to a qualified charity before February 1, 2013, and treat this as a direct transfer.

For more information, call the Montshire's development office at 802-649-2200, ext. 225, or contact your IRA plan administrator.