Make a Gift of Stock or Securities to Lyric Theatre and Enjoy Year-End Tax Benefits:
(Provided for informational purposes only*)
- Qualified Charitable Distribution – If you are age 70½ or older don’t need the money from an Required Minimum Distribution (RMD) to cover your expenses now or in the future and have tax-deferred assets in individual retirement accounts (IRAs), you could consider a qualified charitable distribution (QCD).
A QCD has three key benefits:
a) You can give directly to the qualified charities you wish to support.
b) The amount (up to $100,000 each year) counts toward your RMD.
c) The distribution is non-taxable.
So, instead of taking the RMD that your may not need, and paying the applicable state and federal taxes… give it directly from your IRA. That way, you avoid the taxes, and Lyric Theatre gets a great gift!
2. Securities – Another way to leverage your giving is to gift appreciated securities that you hold. A gift of appreciated securities held for more than one year may provide significant benefits to you as a contributor, such as:
a) Entitling you to a charitable income tax deduction for the fair market value of the gifted securities as of the date of gift.
b) Eliminating capital gains tax that would ordinarily become due if you had sold the appreciated securities on the open market and donated the proceeds from the sale to charity.
c) Claiming your charitable deduction against up to 30% of your adjusted gross income.
d) Providing you a way to achieve your long-term financial objective of reducing your income and estate taxes.
Example: Recently, a Board member transferred shares of appreciated stock to Lyric. Since the donor didn’t sell the securities, but rather gifted them to Lyric “In-Kind,” they avoided paying capital gains on the transaction. Plus, the donor received a full tax deduction on the total amount. The theatre immediately turned the shares into cash to benefit the mission of the organization.
That’s a WIN WIN WIN!
As you plan your year-end gifts, please keep Lyric Theatre in mind.
To make your gift please call Kerrie Brinkman-White at (405) 524-9310, ext. 211, or email [email protected].
Please respond by December 31st so your gift can count in 2019, and help us end the year in the black!
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* Please note: Lyric Theatre does not provide tax, legal, or accounting advice. This has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
