IRA Charitable Gifts

If you hold assets in an Individual Retirement Account (IRA), you might be able to save on your taxes while benefiting Classical KING and other charitable organizations important to you. Use a Qualified Charitable Distribution (QCD) to maximize your impact!

About Qualified Charitable Distributions
IRA qualified charitable distributions, also known as a “charitable rollover,” allow you to donate directly from your IRA to a charitable organization without treating the distribution as taxable income each year. This may produce significant tax savings when compared with gifting from other sources.

Pay attention to these important details to determine if a QCD is right for you:

• You must be 70½ or older to be eligible to make a QCD.
• If you are 73 or older, your QCD can also be used to satisfy your required minimum distribution (RMD).
• The maximum annual QCD amount is $105,000 (limit for 2024 – index adjusted annually). This applies to the sum of QCDs made to one or more charities in a calendar year. If, however, you file taxes jointly, your spouse can also make a QCD from their own IRA within the same tax year.
• For a QCD to count towards your current year’s required minimum distribution, the funds must be received by the charity by your RMD deadline, generally December 31. It is generally advisable to request your QCD no later than December 15 to ensure it can comply with year end deadlines. Additional details are available on the IRS website.

Your IRA custodian or plan administrator will help you facilitate your QCD. Many large institutions have simple processes to execute your transfer in just a few minutes via their website. If you use a checkbook for your IRA, this may also work to fulfill your QCD but you should check with your plan administrator about how to document your qualified charitable distribution.

For more information and to notify us of a donation from your IRA, please email  performancecircle@king.org  or call 206-691-2981.

Each individual’s situation is unique and we encourage you to seek your own counsel. Classical KING does not provide legal or tax advice.