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Use Tax-Free IRA Rollovers for Gifts to Charities
Make a Current Tax-Free Charitable Gift from Your IRA
Memo to our valued Philharmonic family,
On October 3, 2008, President Bush signed legislation extending certain charitable IRA rollover provisions which will be in effect now through December 31, 2009. This legislation offers a welcome incentive to donors who want to use the money in their IRAs to make current charitable gifts.
This bill allows anyone who has already reached the age of 70 1/2 and older to directly transfer any amount (up to $100,000) including required minimum distributions from a qualified retirement plan* to make a current charitable gift.
Direct transfer rollover avoids withdrawing funds from your IRA that must be treated as taxable income. You need only instruct your plan administrator to make a direct rollover to the New York Philharmonic or other charitable institution. Your gift to the Philharmonic will support our mission of presenting a season of symphonic excellence and of engaging new audiences and new generations in the living tradition of great concert music.
You may not receive any benefits for a rollover gift from your IRA.
Example: $100,000 from a donor's IRA is distributed to the charity. If the donor receives (or is entitled to receive) a benefit worth $25, the entire $100,000 will be taxable to the donor.
You will receive a timely written acknowledgment that the New York Philharmonic has received the IRA distribution and that no goods or services were given in connection with the IRA distribution.
*Distributions from employer-sponsored retirement plans, SEPS, Keoghs, 403(b), 401(k), and profit sharing plan are not qualified distributions.
