Tax-Free IRA

Theatre Artist Program

Tax-free charitable gifts from your IRA to COCA are a special donation opportunity available for individuals age 70½ years or older who can make tax-free gifts totaling up to $100,000 per calendar year directly from their IRA to COCA and other qualified public charities.

This giving vehicle is particularly beneficial for donors who may not need their annual required minimum distribution or who want to make a larger tax-free charitable gift from an IRA. By directing your gift straight to COCA, you do not report the IRA distribution as income. This is particularly useful if you do not itemize your deductions. As with other gifts, you can designate the purpose for which the gift is to be used.

Making a Tax-Free IRA Gift

To make a tax-free charitable IRA gift:

  • You must be 70½ years of age or older when the distribution is made.
  • The transfer must go directly from your IRA to COCA.
  • You may make tax-free transfers from your IRA to a charity or charities totaling up to $100,000 each calendar year. If you are married, your spouse may also be eligible to make such gifts up to $100,000 from their IRA.
  • A charitable rollover gift from your IRA will count toward your minimum distribution requirement.

Gifts from an IRA only may be used to make an outright gift to a qualified public charity, such as COCA. Tax-free charitable IRA gifts cannot be used to fund a gift annuity, charitable remainder trust, a donor advised fund, or a private foundation.

As a reminder, please consult your tax and legal advisors before making a charitable gift.

COCA is a 501(c)(3) nonprofit organization. Contributions to COCA are eligible for tax deduction to the limit allowable by law.