In December 2022, the “SECURE 2.0” Act (“Setting Every Community Up for Retirement Enhancement) was signed into law and included changes to the Qualified Charitable Distribution.
What is a Qualified Charitable Distribution?
A Qualified Charitable Distribution (QCD) is a distribution of funds from your IRA directly to a qualified charitable organization, like ACT for Alexandria. Because the gift goes directly to the nonprofit without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $100,000 annually, with some exceptions. By rolling over your IRA distribution directly to a qualified nonprofit, it qualifies as your Required Minimum Distribution (RMD) and you avoid having to include the distribution as taxable income. We encourage you to consult with a tax advisor for information regarding your specific benefits, including:
To learn more about QCDs, please visit IRS.gov.
What are three key provisions affecting philanthropists in the new law?
Here are three provisions that have not changed:
To learn more about eligibility, please visit IRS.gov.
By Shirley Ruhe, Alexandria Gazette Packet
Wednesday, June 21, 2023
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Meet Ilona and Matt Birenbaum, ACT fund holders who are using a Donor Advised Fund to help invest in the social issues they care about the most.
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