As part of the Consolidated Appropriations Act of 2023, the Secure Act 2.0 was passed in December of 2022 and its impacts are beginning to be seen by donors across the nation. The Community Foundation of Johnson County hopes to provide our donors the most up-to-date information on the changes to retirement benefits through this legislature. Please note, the Community Foundation of Johnson County is not providing tax or legal advice – individual donors should consult their financial advisor or tax professional to determine the best course of action.
Summary: The Secure Act 2.0 includes many changes designed to encourage retirement savings. One of the largest changes is an amendment of Internal Revenue Code Section 408(d)(8) which will create a limited one-time IRA rollover into certain charitable gift annuity plans. This qualified charitable distribution of up to $50,000 is being accepted as of January 1, 2023. Additionally, beginning in 2024 the $100,000 limit for current IRA rollover gifts and the $50,000 one-time qualified distribution limit for gifts to life income plans will be adjusted for inflation.
Additional details can be found in the document below, which is also available as a downloadable PDF. If you have any questions about the changes made in the Secure Act 2.0, gift annuities, or planned giving, please contact Shelly Maharry at shelly@cfjc.org or (319) 337-0483.
