Just before heading home for the holidays in December 2022, Congress passed the Consolidated Appropriations Act of 2023. Nestled among the thousands of pages of new legislation is the SECURE 2.0 Act with exciting provisions related to retirement planning and charitable giving.
As you know, those who are 70½ or over have been able to make tax-free distribution(s) from an IRA (known as a Qualified Charitable Contribution or “QCD”) directly to Turning Point which counts toward the required minimum distribution (RMD), if one is due. This new law introduces a unique and helpful option—a donor can make a one-time, tax-free distribution from an IRA (subject to limitations) to create a charitable gift annuity (CGA) or charitable remainder trust (CRT). This opens the door to another effective way to meet multiple planning goals—you can now create an income stream for yourself (and/or others) and help Turning Point continue its Bible-strong teaching around the world.
Click here for details about using an IRA distribution to create a CGA or CRT.
The new law also brings changes that impact retirement plans, such as increasing the age when RMDs must begin and indexing retirement plan contribution limits for inflation. It is important that you and your advisors consider how the new law may impact you—click here for our helpful Fact Sheet.
We are grateful for all who support our mission of sharing the Gospel. There are many ways to make an impact, and our Foundation team welcomes the opportunity to help you reach your giving and stewardship goals. Please contact us toll-free at (833) HIS-WORK (447-9675) or via email at PlannedGiving@DavidJeremiah.org.