IRA Rollover Gifts
A gift from your IRA can lower your
tax burden, even if you don't itemize
Tax law changes make charitable gift rollovers a good option to support the BSO and reduce the tax you owe.
If you are at least 70 ½ years old, IRS regulations mandate that you take a required minimum distribution (RMD) from your tax-deferred IRA each year. These RMD payments count as taxable income, and can have implications on your tax liability and eligibility for certain tax credits and deductions. With tax law changes that will cause more people to take the standard deduction rather than itemizing deductions, many charitable donations may not have the tax benefits they once did.
However, if you are 70 ½ or older, you may be able contribute up to $100,000 directly from your IRA to the BSO, Boston Pops, or Tanglewood. Such gifts have three important benefits - they support the BSO's musical mission; they also reduce your taxable income, possibly reducing your taxes regardless of your itemization status; and they count as part of your RMD distribution from your IRA.
For more detailed information, including a sample letter to your IRA administrator, click here.
If you are interested in making a gift to the Boston Symphony Orchestra from your IRA, please contact:
Director of Annual Funds