IRA Charitable Rollover

Jim and Jane Hartough’s estate plans will help secure the Symphony’s future.

A Tax-Saving Way to Help the Richmond Symphony

Make a difference today and save on taxes by supporting the Richmond Symphony through your IRA.

A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the Richmond Symphony without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit, and you can feel good knowing that you are making a difference at the Richmond Symphony. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why This Gift Might Match Your Charitable Giving Objectives

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

Frequently Asked Questions >>

For Those 59½ Years Old and Younger Than 70½

If you’re at least 59½ years old, you can take a distribution from your IRA and then make a gift without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

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