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How to donate from an Individual Retirement Account

If you are 70 ½ or older you can fulfill your required minimum contribution directly from your Individual Retirement Account (IRA) to the Oconee Performing Arts Society without paying federal income tax on the withdrawal.
How it works:

  • You must be 70 ½ or older at the time the gift is made

  • You must request from the IRA plan custodian a direct transfer of funds to OPAS for the gift to be tax-free.

  • Each person may give up to $10,000 per year.

  • Gifts can be used to satisfy your IRA required minimum distribution each year.

  • Funds held in other retirement plans such as a 401(k) or 403(b) plan are not eligible but may be rolled over to a standard IRA to then be used for a tax-free roller gift to charity.

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