How to donate from an Individual Retirement Account

If you are 70 ½ or older you can now make gifts 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.