IRA Charitable Rollover

 

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 (June 23, 2020)

The Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, enables any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs in 2020. Donors intending to use a Charitable Rollover to satisfy their RMD in 2020 may consider contributing in January 2021 instead. A gift in early 2021 still qualifies as part of the Symphony’s 2020-2021 fiscal year and may help satisfy an RMD in tax year 2021.


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 friends@seattlesymphony.org or call 206.215.4832.


Questions? Contact Senior Director of Individual Giving Rob Wiseman at rob.wiseman@seattlesymphony.org or 206.215.4883.

Thank you for your support of the Seattle Symphony!
The Seattle Symphony is a registered 501(c)(3) nonprofit organization. Tax ID# 91-0667412.

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