Put Your IRA To Work For Hartford Chorale
MAKE HARTFORD CHORALE A BENEFICIARY OF YOUR IRA
You’ve worked hard and planned for retirement. Now, with a little creativity you can leverage your retirement assets to benefit you and your family, reduce federal taxes and support Hartford Chorale far into the future.
How It Works
- Name Hartford Chorale as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
- Pass the balance of your retirement assets to Hartford Chorale by contacting your plan administrator.
- Important! Tell Hartford Chorale about your gift. Your plan administrator is not obligated to notify us. So if you don’t tell us, we may not know.
MAKE A TAX-FREE GIFT THROUGH YOUR IRA
- 70 ½ or older? You can make tax-free gifts from your traditional IRA once a year by making a Qualified Charitable Distribution (QCD). Many also find this a good way to fulfill their Required Minimum Distributions (RMD). Giving a tax-free QCD from your IRA can help keep overall income taxes down while making a charitable impact. Please consult your financial advisor for more information on QCD’s.
Note: The SECURE Act increased the MRD (Minimum Required Distribution) age from 70½ to 72. The age for a Qualified Charitable Distribution (QCD), however, still remains at 70½.
How It Works
- You need to transfer the money directly from the IRA to the charity for it to qualify as a tax-free transfer. Ask your IRA administrator and the charity about making a direct transfer, or you can have the IRA administrator send a check from your account to the charity. If you have check-writing privileges for your IRA, you can write a check to Hartford Chorale. Give us a heads-up so we know the contribution came from you and can send you an acknowledgement.
- You continue to take regular lifetime withdrawals.
- You maintain flexibility to change beneficiaries if your family’s needs change during your lifetime.
- Your heirs avoid the potential double taxation on the assets left in your retirement account.