IRA Charitable Distribution
Make a tax-free gift to the NSO from an IRA!
Individuals who are age 70½ or older can make gifts of up to $100,000 directly from their IRA to one or more qualified charities, without paying federal income tax on the withdrawal. This option provides tax savings to donors even if they do not itemize deductions.
Here are the specifics:
- Donors must be age 70½ or older at the time the gift is made.
- The funds must be transferred directly to a qualified public charity. It is important not to withdraw the funds before making a gift.
- Gifts can be used to satisfy the donor’s required minimum distribution
- Gifts cannot be used to fund a gift annuity or charitable remainder trust.
- Each donor may give up to $100,000 per year.
- Donors can exclude the distribution from income on their federal tax returns. If they do, they will not receive a charitable income tax deduction.
- To qualify for tax-free treatment, donors cannot receive goods or services, or a personal benefit in return for the IRA charitable distribution.
Contact the NSO Executive Director at 458-868-9155 to let us know how the gift should be used, or if you have questions about giving from an IRA.
The Newport Symphony Orchestra does not give tax or legal advice. We recommend that donors consult their own professional tax advisor before making a gift.
The Newport Symphony Orchestra is a not-for-profit organization with 501(c)(3) IRS status. Contributions to the Newport Symphony are tax deductible to the full extent of the law. The Newport Symphony’s Tax I.D. is Tax ID # 93-1013951.