Qualified Charitable Deduction Through Your Individual Retirement Account

A qualified charitable distribution (QCD) allows individuals with an annual required minimum distribution (RMD) to transfer funds from their Individual Retirement Account (IRA) to a charitable institution, such as the RSO. A contribution to the RSO is an easy and convenient way to make a tax-free gift from one of your major assets. It can be excluded from your gross income and counts towards your required minimum distribution.

For contributions to qualify, transfers must go directly from your IRA to the RSO. Your total IRA contribution(s) in one year cannot exceed $100,000, and no goods or services may be received for the gift.

Please note: For a QCD to count toward the current year’s RMD, the funds must come out of your IRA by your RMD deadline, which is generally December 31 each year.

Send your QCD to the RSO at: 711 N. Main St., Rockford, IL 61103

Gifts should be made to “Rockford Symphony Orchestras, Inc.” Our Federal Tax ID is 36-6109375.

Did you know?

Human beneficiaries of traditional IRAs are taxed on the funds they inherit from an IRA. However, nonprofit organizations, such as the RSO, are not taxed on beneficiary distributions from an IRA. Consider leaving your IRA to charity and other assets you hold to your loved ones instead.