Benefits of Donating Through Your IRA
Donating to the Seattle Symphony directly from your Individual Retirement Account (IRA) is both convenient and a tax-wise way to support the music you love. If you are 70½ years of age or older you can transfer directly from your IRA to the Seattle Symphony without realizing any taxable income. For those age 72 and older, this charitable transfer can also satisfy your Required Minimum Distribution (RMD).
IMPORTANT UPDATE (January 1, 2020)
Beginning January 1, 2020 with the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, new regulations impacting retirement distributions and Qualified Charitable Distributions (QCD) take effect.
IRA gift rules and requirements
- The SECURE Act increases the age individuals must begin taking Required Minimum Distributions (RMDs) from their retirement savings from 70½ to 72
- You may still make a gift from your IRA if you are 70½ years of age on the date of the gift
- Funds must be transferred directly to the Seattle Symphony or other charity from your IRA
- Up to $100,000 per individual may be contributed per year
- You do not realize any taxable income on the transfer and cannot claim an income tax deduction for the gift
- If you are 70½ years of age or older (but under 72), any QCDs, though excluded from taxable income, may be included in calculating your future RMDs
- No goods or services may be received for the donation (if you currently enjoy donor benefits, please contact us to learn about which donor benefits you are eligible to receive when you give through your IRA)
Please always consult your financial advisor to determine how donating through your retirement fund applies to your specific situation.
How to Initiate a Gift Through Your IRA
You may make a charitable rollover gift by instructing your plan administrator to directly transfer a gift to the Seattle Symphony. A letter of instruction with sample language is available here.
Please notify the Symphony when you make a Rollover Gift
IRA gifts received by the Symphony may arrive without your name and contact information. Please notify Donor Relations that you have made your gift at firstname.lastname@example.org or call 206.215.4832.
Questions? Contact Director of Major Gifts and Planned Giving Becky Kowals at email@example.com or 206.215.4852.
Thank you for your support of the Seattle Symphony!
The Seattle Symphony is a registered 501(c)(3) nonprofit organization. Tax ID# 91-0667412.