Verde Valley Sinfonietta
We need your support
Your financial support helps the Verde Valley Sinfonietta enrich our community. By offering affordable tickets to music lovers of all ages and socio-economic backgrounds, we provide everyone the opportunity to hear classical music performed live. Your support also helps us pay our gifted musicians who reside throughout the Verde Valley, Prescott and Flagstaff. Help us to keep the music playing.
Donations are simple to make and can be done online. Your contributions are tax deductible to the full extent of the law. Simply click on the picture of your choice of donation below and you will be directed to our online system. If you would prefer to write a check ~ please make it payable to Verde Valley Sinfonietta and mail to:
VVS, P.O. Box 4672, Sedona, AZ 86340.
The Sinfonietta is interested in Concert and Event Sponsors. If you would like to discuss these and other ways that you can support us, please send an email to our Board President, Al Vander Peut, to set up an appointment to discuss your interests – click here for email.
Donations are simple to make and can be done online. Your contributions are tax deductible to the full extent of the law. Simply click on the picture of your choice of donation below and you will be directed to our online system. If you would prefer to write a check ~ please make it payable to Verde Valley Sinfonietta and mail to:
VVS, P.O. Box 4672, Sedona, AZ 86340.
The Sinfonietta is interested in Concert and Event Sponsors. If you would like to discuss these and other ways that you can support us, please send an email to our Board President, Al Vander Peut, to set up an appointment to discuss your interests – click here for email.
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Rhapsody
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Fantasia
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Overture
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Serenade
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Variations
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Suite
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Capriccio
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Prelude
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Introduction
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Raise the Curtain
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To thank you for your generosity, contributions of $25 or more will be listed in all concert programs.
IRA Charitable Rollover Option
On Dec. 18, 2015, the legislation was signed indefinitely extending the charitable IRA rollover, making it retroactive to Jan. 1, 2015, with no expiration date. Now you can reliably plan charitable IRA rollover gifts, year after year.
Some benefits of the Charitable IRA Rollover:
- The charitable distribution can be applied to your required minimum distribution (MRD).
- The transfer generates neither taxable income nor a tax deduction, so even those who do not itemize their deductions receive the benefit.
- You may transfer any amount up to $100,000 per year directly from your IRA.
- Note: when making important financial decisions, please consult with your tax professional.
- Please take time to consider this opportunity to support Verde Valley Sinfonietta.
Frequently Asked Questions
What is a charitable IRA rollover?
The charitable IRA rollover, or qualified charitable distribution (QCD), is a special provision allowing certain donors to exclude from taxable income -- and count toward their required minimum distribution -- certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities, including Verde Valley Sinfonietta.
Since it was first made available in tax year 2006, many donors age 70 1/2 or older have used this popular option to support the areas of their choice with tax-wise gifts ranging from $100 to $100,000.
How does this help me? A charitable IRA rollover makes it easier to use IRA assets, during lifetime, to make charitable gifts.
Why will lifetime IRA gifts be easier? Under current law, withdrawals from traditional IRAs and certain Roth IRAs are taxed as income, even if they are immediately directed to a charity. The donor receives a tax deduction for his or her donation, but various other federal, and sometimes state, tax rules can prevent the deduction from fully offsetting this taxable income. As a result, many donors have chosen not to use IRA assets for lifetime gifts. The charitable IRA rollover eliminates this problem.
What gifts qualify for a charitable IRA rollover?
A gift that qualifies, technically termed a “qualified charitable distribution,” is:
Is there a limit on the amount that can be given?
Yes, there is a limit. An individual taxpayer's total charitable IRA rollover gifts cannot exceed $100,000 per tax year.
What about the required minimum distribution? If you have not already taken your required minimum distribution in a given year, a qualifying rollover gift can count toward satisfying this requirement.
Is an income tax deduction also available? No. The gift would be excluded from income, so providing a deduction in addition to that exclusion would create an inappropriate double tax benefit.
Why are Roth IRAs included? Aren't withdrawals from a Roth IRA tax-free? Withdrawals from a Roth IRA may be tax-free only if the account has been open for longer than five years or if certain other conditions apply. Otherwise, withdrawals are taxed as if they came from a traditional IRA. Therefore, certain Roth IRAs could benefit from a charitable IRA rollover.
Can other retirement plans, such as 401(k) and 403(b) accounts, be used? No. However, it may be possible to make a tax-free transfer from such other accounts to an IRA, from which a charitable rollover can then be made.
Can a gift be made to any charity? No. Excluded are:
• Donor advised funds
• Supporting organizations
• Private foundations
Who can benefit from using the charitable IRA rollover to make a gift?
• Persons with significant assets in an IRA
• Persons making gifts that are large, relative to their income. (Because a charitable rollover is not included in taxable income, it does not count against the usual percentage limitations on using charitable deductions.)
• Persons having so few deductions that they choose not to itemize
Can a rollover gift be used to pay my pledged support to Verde Valley Sinfonietta? Yes. You can honor your gift pledge to Verde Valley Sinfonietta with one or more qualified charitable IRA rollover transfers of up to $100,000 per person, per calendar year. You can direct your IRA provider to transfer your charitable gift to Verde Valley Sinfonietta quarterly, annually, or other timing that works for you. Simply have your provider indicate that the transfer is a gift from you.
Can a rollover gift be used to fund a charitable remainder trust or charitable gift annuity? No. The donor can receive no benefits in return for the gift. This includes life income plan payments.
Are there any benefits that a donor can receive?
The only permissible benefits from a charitable IRA rollover gift are those that would not reduce the tax deduction for which the donor would have otherwise qualified. At Verde Valley Sinfonietta, a charitable IRA rollover gift is allowed to count toward donor and sponsorship recognition and benefits.
Can I still make a gift with an IRA beneficiary designation? Absolutely! Whether or not you choose to make a charitable IRA rollover gift, you can still designate Verde Valley Sinfonietta as a beneficiary to receive IRA assets after your lifetime. The lifetime charitable IRA rollover is simply another option for donors who would like to see their philanthropy at work now.
If I made a charitable IRA rollover gift in other tax years, can I do this again for the current tax year? Yes. The current law extends the charitable IRA rollover provision indefinitely -- with no expiration date -- allowing individuals to make qualifying gifts every tax year.
How does this help me? A charitable IRA rollover makes it easier to use IRA assets, during lifetime, to make charitable gifts.
Why will lifetime IRA gifts be easier? Under current law, withdrawals from traditional IRAs and certain Roth IRAs are taxed as income, even if they are immediately directed to a charity. The donor receives a tax deduction for his or her donation, but various other federal, and sometimes state, tax rules can prevent the deduction from fully offsetting this taxable income. As a result, many donors have chosen not to use IRA assets for lifetime gifts. The charitable IRA rollover eliminates this problem.
What gifts qualify for a charitable IRA rollover?
A gift that qualifies, technically termed a “qualified charitable distribution,” is:
- Made by a donor age 70 1/2 or older
- Transferred from a traditional or Roth IRA directly to a permissible public charity, such as Verde Valley Sinfonietta
- Completed during the applicable tax year
Is there a limit on the amount that can be given?
Yes, there is a limit. An individual taxpayer's total charitable IRA rollover gifts cannot exceed $100,000 per tax year.
What about the required minimum distribution? If you have not already taken your required minimum distribution in a given year, a qualifying rollover gift can count toward satisfying this requirement.
Is an income tax deduction also available? No. The gift would be excluded from income, so providing a deduction in addition to that exclusion would create an inappropriate double tax benefit.
Why are Roth IRAs included? Aren't withdrawals from a Roth IRA tax-free? Withdrawals from a Roth IRA may be tax-free only if the account has been open for longer than five years or if certain other conditions apply. Otherwise, withdrawals are taxed as if they came from a traditional IRA. Therefore, certain Roth IRAs could benefit from a charitable IRA rollover.
Can other retirement plans, such as 401(k) and 403(b) accounts, be used? No. However, it may be possible to make a tax-free transfer from such other accounts to an IRA, from which a charitable rollover can then be made.
Can a gift be made to any charity? No. Excluded are:
• Donor advised funds
• Supporting organizations
• Private foundations
Who can benefit from using the charitable IRA rollover to make a gift?
• Persons with significant assets in an IRA
• Persons making gifts that are large, relative to their income. (Because a charitable rollover is not included in taxable income, it does not count against the usual percentage limitations on using charitable deductions.)
• Persons having so few deductions that they choose not to itemize
Can a rollover gift be used to pay my pledged support to Verde Valley Sinfonietta? Yes. You can honor your gift pledge to Verde Valley Sinfonietta with one or more qualified charitable IRA rollover transfers of up to $100,000 per person, per calendar year. You can direct your IRA provider to transfer your charitable gift to Verde Valley Sinfonietta quarterly, annually, or other timing that works for you. Simply have your provider indicate that the transfer is a gift from you.
Can a rollover gift be used to fund a charitable remainder trust or charitable gift annuity? No. The donor can receive no benefits in return for the gift. This includes life income plan payments.
Are there any benefits that a donor can receive?
The only permissible benefits from a charitable IRA rollover gift are those that would not reduce the tax deduction for which the donor would have otherwise qualified. At Verde Valley Sinfonietta, a charitable IRA rollover gift is allowed to count toward donor and sponsorship recognition and benefits.
Can I still make a gift with an IRA beneficiary designation? Absolutely! Whether or not you choose to make a charitable IRA rollover gift, you can still designate Verde Valley Sinfonietta as a beneficiary to receive IRA assets after your lifetime. The lifetime charitable IRA rollover is simply another option for donors who would like to see their philanthropy at work now.
If I made a charitable IRA rollover gift in other tax years, can I do this again for the current tax year? Yes. The current law extends the charitable IRA rollover provision indefinitely -- with no expiration date -- allowing individuals to make qualifying gifts every tax year.
Contact US
info@vvsinfonietta.org
Verde Valley Sinfonietta PO Box 4672 Sedona, AZ 86340 Voicemail Phone: (928) 282-3066 |
Sinfonietta E-News
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Support VVS!
There are many ways you can support the Sinfonietta. Please visit our Support VVS page on the website.
Donations by check should be mailed to: Verde Valley Sinfonietta PO Box 4672 Sedona, AZ 86340 |