Gifts Options for Your Needs
Last year, Congress approved legislation permanently allowing you to make tax-free charitable gifts from your IRA.
You don’t report this as income so there is no tax. And, your gift goes towards all or part of your minimum distribution requirement. You benefit even if you do not itemize your tax deductions.
Who qualifies? Individuals who are 70-½ or older.
What accounts may I transfer from? Your gift must come directly from your IRA – either Roth or traditional – to San Francisco Opera. This opportunity does not apply to other retirement plans, such as 401(k) and 403(b) accounts. It may be helpful to ask how your funds will be transferred; each IRA provider has its own requirements.
How much may I transfer? Any amount up to $100,000 per year, total, from any and all IRA accounts.
Which organizations qualify to receive IRA rollovers? Charities such as San Francisco Opera Association that are tax-exempt and classified as 501(c)(3) organizations.
How do I make an IRA Charitable Rollover?
- Simply contact your IRA provider to make your gift. You may need to provide them with our Tax ID number, which is 94-0836240.
- Ask your IRA provider if they need from you a letter of authorization, an IRA distribution form, or both.
- Click here if you would like a copy of a letter of authorization to send to your IRA provider.
- Make sure to contact us at (415) 565-3212 when you make your gift as some IRA providers do not list the donor’s name along with the check. Checks should be made payable to San Francisco Opera Association.
Questions? Contact Mandala Pham, Legacy Giving Officer, at firstname.lastname@example.org or (415) 565-6413.
Bequest from will or trust
You name San Francisco Opera as a beneficiary in your will or living trust, designating the gift of your choice (for example, cash, real estate, personal property, or securities). There are many types of bequests to choose from. See our sample bequest language here
. You maintain control of your assets during your lifetime and possibly save on estate taxes.
Retirement plan gift
You name San Francisco Opera as a beneficiary of the remainder of your retirement plan assets. You avoid double taxation on those assets.
Life insurance gift
You designate San Francisco Opera as owner and beneficiary of an insurance policy. Your gift has little immediate cost and you receive an immediate income tax deduction and possibly future deductions.
Charitable gift annuity or San Francisco Opera pooled income fund gift
You transfer cash or another type of asset, such as shares of stock ($10,000 minimum), to a charitable gift annuity or pooled income fund. In exchange, you receive income for life and an immediate income tax deduction.
Charitable remainder trust
You create a trust ($250,000 minimum is recommended) that pays you fixed or variable income. You receive an immediate income tax deduction, income for life or a set period, and tax-advantaged investments. If you use appreciated property, like real estate or securities, to fund the trust, you will also reduce or eliminate capital gains taxes.
Charitable lead trust
You create a trust that pays income to San Francisco Opera for a term of years, and then the trust assets pass to your heirs. You reduce gift and estate tax on assets transferred to heirs and retain the assets in your family.
Simple, direct, and eligible for an immediate charitable income tax deduction.
Stocks, bonds, and mutual funds
If owned for more than one year and increased in value, a gift of securities allows you to avoid capital gains taxes while receiving an immediate charitable income tax deduction.
Giving San Francisco Opera a personal residence, farm, vacation home, or commercial or rental property during your lifetime can provide you with an immediate tax deduction and the chance to avoid capital gains tax. There are also ways to donate residential property while staying in the home for life. Ask us for details.
Closely held securities or business interests
Give stocks and bonds not traded on public exchanges. Special rules apply; ask us for details.
If you have a prized item related to San Francisco Opera’s purpose, such as a piano in fine condition, and give it to us during your lifetime, you may be able to deduct its fair market value from your taxes. Ask us for details.