Are you are 70½ years or older? If so, you can donate any amount up to $100,000 per year from your IRA directly to Skylight Theatre Company - without having to pay income taxes on the money!
This popular giving option, known as the “IRA Charitable Rollover” or the “Qualified Charitable Distribution” (QCD) might be right for you.
Benefits of the IRA Charitable Rollover:
- Because your gift will be put to use today, you have the pleasure of seeing the difference your donation is making.
- You pay no income taxes on your gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you reached the age of 70½ on or before December 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after January 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. (The RMD requirement has been waived for 2020, per the CARES Act signed into law on March 27, 2020.)
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Take these simple steps:
- Contact Us. Use the "Contact Us" link and send us an email. Write IRA Gift in the subject line. Sandee Grossman, our Executive Director will contact you to discuss the details of your IRA gift. Or call our Administrative Office at (213) 761-7061.
- Contact your personal financial or legal advisor.
- Ask your IRA administrator about making a direct transfer to Skylight Theatre Company or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to Skylight without passing through your hands.
- Ask your IRA administrator about making a direct transfer to Skylight Theatre Company or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to Skylight without passing through your hands.
- To qualify for the current tax year, you need to make your gift by December 15 in order to allow time for processing.
Skylight Theatre Company
(213) 761-7061
Mail To: PO Box 27506, Los Angeles 90027
Address: 1816 1/2 N Vermont Ave, Los Angeles 90027
