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IRA Charitable Rollover
Put Your Required Minimum Distribution to Good Use
You Can Gift Your Qualified Charitable Distribution to The Florida Orchestra
If you or a loved one are 70½ or older and looking to do good, you can donate a traditional IRA*
to The Florida Orchestra. Your gift does not count as taxable income. It does count toward your
Required Minimum Distribution (RMD).
With the new tax law in effect for 2018, the standard deduction for
individuals ($12,000) and married couples ($24,000) is doubled
resulting in people utilizing this option rather than itemizing
their deductions, which means their charitable donations
won’t reduce their taxes.
When taking your RMD, the IRS allows you to give up to
$100,000 directly to charity – such distributions are free of
both income and estate taxes.
There are three simple things to keep in mind when choosing
this option:
Distribution must be made to a tax exempt organization classified
as a public charity.
Distribution must be made directly from the IRA administrator to
a charitable organization.
The distribution must be acknowledged by the charitable
organization and no benefits are to be received.
Like all major financial decisions, you should consult your tax
professional to ensure that this strategy is appropriate for your needs.
For more information, contact Kim Payne, Legacy Giving Manager,
at 727.362.5421 or kpayne@floridaorchestra.org
*401(k), 403(b), SEP IRA accounts, and other retirement accounts do
not qualify.
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