IRA Charitable Rollover

Due to the CARES Act of 2020, Required Minimum Distributions from Individual Retirement Accounts are waived for patrons 70 ½ an older.  However, Qualified Charitable Distributions from an IRA is still a great way to make a charitable gift to The Phoenix Symphony.  If your retirement account balance improved as the stock market has recovered, you can still meet your charitable goals with an IRA distribution without impacting your other disposable income. Distributions from your IRA must still be made directly from your IRA to The Symphony to avoid any tax implications. Consult your tax or financial advisor for more information before making your gift.

If you are 70½ years old or older, you can still take advantage of a simple way to benefit The Phoenix Symphony and receive tax benefits in return: you can give up to $100,000 from your Individual Retirement Account (IRA) directly to a qualified charity such as The 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 Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • 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.
  • If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

Factors to Consider

  • The donor must be at least 70 ½ years of age on the date of the gift.
  • The donor can give up to $100,000 each year from his or her IRA(s). A couple with separate IRAs can donate up to $100,000 each from their respective IRAs.
  • Distributions must be made directly to a qualified charity by the plan administrator of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify but may be rolled into a new or existing IRA and transferred to the charity.
  • Distributions may only be made to 501(c)(3) tax exempt organizations and cannot be made to donor advised funds, private foundations, or supporting organizations.

Click here for a list of Frequently Asked Questions (FAQs).

Download a sample letter to send to your plan administrator to direct a qualified charitable distribution from an IRA to The Phoenix Symphony.

For more information, please contact Bob Bondlow, Major Gifts Officer, at 602-452-0421 or rbondlow@phoenixsymphony.org.