Qualified Charitable Distributions from an IRA
Are you 70 ½ years of age or older? You have a special opportunity to maximize your impact on the Lakes Area Music Festival.
Individuals 70 ½ years of age or older can give any amount (up to $100,000) per year directly from their IRA to a qualified charity, like the Lakes Area Music Festival. Beginning the year you turn 73, an IRA rollover contribution (also known as a Qualified Charitable Distribution) can help fulfill your required minimum distribution, and you pay no income taxes on the charitable distribution. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Why consider an IRA contribution?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- 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.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Make a gift from your IRA
You can complete the form below to notify us of a gift from your IRA. Please ask your financial advisor to include your name with your gift so that we may acknowledge and recognize your contribution.
For more information or support in making an IRA Rollover Gift please email Daniel Meyers, Development Director at email@example.com or call (319) 269-3598.
Please also provide this information to your financial institution to ensure that your gift is received by the Lakes Area Music Festival:
- Make check payable to: Lakes Area Music Festival
- Tax ID number: 41-0693875
Notify us of a Qualified Charitable Distribution from your IRA
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