CONTACT INFORMATION

For additional information, please contact:

Kathy Urner-Jones
Senior Development Officer
Rockport Music
16 Main Street
Rockport, MA  01966

T: 978-546-7391 ext. 132
E: kurnerjones@rockportmusic.org

Rockport Music is not qualified to give legal or tax advisory service. You should always consult your legal or financial advisor when considering a special gift.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RETIREMENT ASSETS

Make an easy and tax-smart gift to Rockport Music by using a qualified retirement plan such as a 401(K), 403(B) or Individual Retirement Account (IRA). This can be through Current Giving or Future Giving

CURRENT GIVING 

MAKING IRA ROLLOVER GIFTS TO ROCKPORT MUSIC

The 2018 tax legislation increased the standard deduction to such a level that many Americans may cease to itemize their taxes, including charitable deductions. However, for donors age 70 ½ or older with funds in individual retirement accounts (IRAs), an excellent tax-planning opportunity exists: the IRA charitable rollover gift. For these donors, making gifts in any amount up to $100,000 directly from an IRA to qualifying charities has big benefits. Here’s how it works:

  • At age 70 1/2, you are required to start taking your “minimum required distribution” out of your IRA. These distributions are taxable to you.
  • If you make a gift directly from your IRA to any public charity, including Rockport Music, this “charitable rollover” counts toward your required minimum distribution but is not taxable to you.
  • You don’t receive a charitable deduction for this rollover gift, so there is nothing to itemize. However, you lower your adjusted gross income, which results in a lower tax bill to you.
  • Even if you elect to itemize on your taxes, a charitable rollover gift can reduce high-income premium surcharges for Medicare.

WHAT YOU SHOULD KNOW:

To make a charitable rollover gift, you must be at least age 70 ½ or older and transfer funds directly from your IRA to a public charity. (Note: the check from your IRA must be made out to the charity, not you, to qualify.)

  • You can exclude up to $100,000 (per IRA owner) from income for charitable rollover gifts. Make as many rollover gifts as you wish in any amount to multiple charities as long as the total doesn’t exceed $100,000.
  • If you have not met your minimum required distribution for the year, a charitable rollover gift can count towards this requirement.
  • If you have already taken your minimum required distribution for the year, you can still make a rollover gift.
  • You can’t receive any benefits for your IRA rollover gift, so it can’t be used for tickets to an event or to create a charitable remainder trust, for example.
  • Other retirement plans such as 401Ks, 403Bs, and SEPs cannot be used for IRA charitable rollover gifts. Talk to your financial advisor to see if you should create a traditional IRA so you can take advantage of the IRA charitable rollover gift benefits.

INFORMATION YOU MAY NEED:

Rockport Music’s legal name: Rockport Music, Inc.

Our Tax ID number: 22-2479696

Our address:
Rockport Music
16 Main Street
Rockport, MA  01966

Future Giving

Using Retirement Assets

A retirement plan can be a tax-smart, easy way to include Rockport Music in your estate plan. Simply name Rockport Music as the remainder beneficiary of all or a portion of your IRA on your plan’s beneficiary designation form (available from your plan’s administrator).

In addition to having the satisfaction of making a significant gift to Rockport Music, benefits include savings on federal and state taxes and preservation of non-retirement plan assets for family. Because most retirement plans (other than Roth IRAs) are subject to income taxes—and estate taxes in some cases—if left to an individual beneficiary, directing these funds to a charity as a beneficiary results in no income and/or estate taxes paid on the distribution. The full value of what is distributed can be used by Rockport Music at your passing, supporting the purpose you designate.

To name Rockport Music as a beneficiary, simply request a beneficiary designation form from your IRA plan administrator. This will provide an unrestricted gift to Rockport Music. If you would like to direct your future gift to a specific purpose, please contact Rockport Music’s Development Office for additional information at 978-546-7391 ext. 132.

INFORMATION YOU MAY NEED:

Rockport Music’s legal name: Rockport Music, Inc.

Our Tax ID number: 22-2479696

Our address:
Rockport Music
16 Main Street
Rockport, MA  01966