IRA Charitable Gifts

A Tax-Saving Way to Help Settlement Music School

Make a difference today and save on taxes. It is possible when you support Settlement Music School through your IRA.

A special opportunity for those 70 ½ years old and older 

You can give any amount (up to a maximum of $111,000) this year from your IRA directly to Settlement. This is called a qualified charitable distribution (QCD). 

  • Tax benefits: Your gift transferred directly to Settlement from your IRA will not be taxed and can satisfy your required minimum distribution. The transfer does not generate taxable income or a tax deduction, so you benefit even if you don’t itemize deductions.
  • Ease: You don’t need an attorney to make this gift; simply contact your IRA administrator
  • Impact: You can direct your gift to a specific program or unrestricted support and know that your gift will be put to use right away. 

Tip: Please let us know of your gift because many retirement plan administrators assume no obligation to notify us of your designation, nor will they let us know whether you have specific designations. 

 

Next Steps: 

  1. Contact Amelia Schmertz at 215-320-2682 or amelia.schmertz@settlementmusic.org to discuss using your IRA to support Settlement Music School and our mission. 
  2. Seek the advice of your financial advisor. 
  3. To make a gift to Settlement Music School, please use our legal name and federal tax ID. Don’t forget to let us know that you are directing a gift from your IRA. 
    • Legal name: Settlement Music School of Philadelphia 
    • Address: 416 Queen Street, Philadelphia, PA 19147 
    • Federal tax ID number: 23-1352676 
  4. We will send you a letter that you can use for your taxes, along with our sincere thanks! 

 

To Consider — for now or later: Legacy Giving

No matter your age, you can designate Settlement Music School as the beneficiary of all or a percentage of Your IRA and it will pass to us tax-free after your lifetime. It’s simple, and in many cases can be completed online from your provider’s website. Or contact your IRA administrator for a change-of-beneficiary form. Making a gift in this manner is quick and easy for the charity when the time comes. 

Questions? 

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