Qualified Charitable Distributions
Qualified Charitable Distributions (QCDs) are distributions from your Individual Retirement Account (IRA) made directly to the Olympic Music Festival without having the distribution counted as taxable income.
Potential benefits of an IRA Charitable Rollover
Avoid taxes on transfers of up to $105,000.
Reduce your taxable income with a gift that is not subject to the deduction limits on charitable gifts.
Most importantly, help further the work and mission of the Olympic Music Festival!
And, a special opportunity for those age 70 ½ and older: QCDs can satisfy Required Minimum Distributions (RMDs), amounts that you must withdraw annually from your Traditional IRA once you’re eligible.
Contact your IRA plan administrator to make gifts from your IRA
Olympic Music Festival Tax Information
501 (C) (3) FEDERAL TAX ID: 91-1061147
Mailing address: PO BOX 897, Port Townsend, WA 98368
New! Legacy IRA Act
The Legacy IRA Act is now law. It’s an exciting, one-time opportunity to use your QCD to fund a life income gift such as a charitable gift annuity to OMF. Individuals over 70 ½ can now make a tax-free QCD of up to $50,000 to fund a life income gift.
This new type of QCD is a one-time maximum transfer of a total of $50,000 in a calendar year and can only be done once during the lifetime of the IRA owner.
Contact your IRA plan administrator for options
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