IRA

You’re Smart to Give from Your IRA

One of the smartest, tax-wise ways to donate is using your IRA. From age 70½ you can donate from your IRA to the Allentown Symphony and avoid paying taxes on the withdrawal. It’s called a Qualified Charitable Distribution. Many of our donors give this way.

You can give more at a lower cost when you give from your IRA compared to giving cash. From age 70½, you can donate up to $108,000 each year from your traditional IRA tax-free. Couples can give $216,000.

If you’re 73+ you must take Required Minimum Distributions (RMDs) from your traditional IRAs.

Smart Reasons to Give from Your IRA:

• Reduce your taxes even if you do not itemize deductions.
• Reduce or satisfy your Required Minimum Distribution (RMD)
• Avoid a higher income tax bracket.
• Help keep your Medicare Part D payments lower.
• Decrease taxes on your Social Security.
• Avoid limits on charitable deductions.
• Give up to $108,000 (couples $216,000) each year.
• Give more with no cash out-of-pocket.

Giving from your IRA is easy.

Contact your IRA administrator to make a distribution to: Allentown Symphony Association, 23 N. 6th Street, Allentown, PA 18101. Tax ID: 23-6272140.

Name the Allentown Symphony as the beneficiary of your IRA

You can also name the Allentown Symphony as a beneficiary of your IRA. Your heirs will pay income taxes on money they inherit from traditional IRAs. Public charities are ideal beneficiaries of IRA assets because they do not pay tax on IRA income. This means every penny of your donation will help causes you care about. Plus, this is an easy gift to make. You don’t have to change your will or trust. Simply complete a beneficiary designation form with your IRA administrator.

Questions?

Contact Lori Davis at 503-803-3101 or at LDavis@AllentownSymphony.org.