If you are 70 ½ or older, you can make a tax-favored gift to your Oregon Symphony by making a direct transfer, known as a Qualified Charitable Distribution (QCD) or an IRA charitable roller, of up to $100,000 to a qualified charity like the Oregon Symphony Association.
This type of gift can create a tax benefit for you as it neither generates taxable income nor is a tax deduction, so you can benefit even if you do not itemize your deductions. And, it’s easy to set up – just notify your IRA administrator.
If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your future required minimum distributions, starting at the age of 72. Please note that the RMD requirement has been waived for 2020, per the CARES Act, March 27, 2020.
One of the best aspects of making a gift using your IRA is that you can immediately see your impact. Your gift ensures that the Symphony remains strong and united in the face of the challenges ahead. With your support, we can keep music in our community and provide comfort and joy to those who need it most.
For more information on Charitable Qualifying Distributions from your IRA, contact the development team at 503-416-6325 or firstname.lastname@example.org. You should also consult with your IRA administrator or your tax advisor to discuss your plans before proceeding. The Oregon Symphony Association Federal Tax ID number is 93-0446527.
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