New Secure 2.0 Act Brings Ways to Maximize Parkinson's Donations
- bibby04
- Mar 16, 2023
- 2 min read
Updated: Mar 20, 2023
With a new year comes new tax law changes, and the Secure 2.0 Act was passed in early 2023 to bring new ways for you to maximize your impact toward charitable giving – that includes charitable giving to the Parkinson’s Association of Alabama. This act revolutionizes the way all ages and income levels can plan for retirement, even making it easier for you to make a difference at organizations you care about like the PAA.
Boosting the Power of Your IRA The new law increases the required minimum age that retirees must begin taking taxable withdrawals to 73 in 2023 and 75 by 2023, up from the previous 72. It does not, however, increase the age an IRA owner can make a qualified charitable distribution. That age remains at 70 ½. This extension gives you more time to save and allows you to enjoy additional tax-free growth. It can also be significant if you do not want to begin withdrawing retirement funds during an unsettled economic climate, giving you more time for your stock portfolio to recover.
Secondly, your generosity can now keep pace with economic shifts. Currently, those 70 ½ or older can give up to $100,000 directly from their IRA to a qualified charity without paying income taxes on the distribution. Beginning in 2023, this number will be adjusted annually for inflation.
If you are 70 ½ or older, you can fund a charitable gift annuity, charitable remainder unitrust or charitable remainder annuity trust by making a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed on the distribution) from your IRA during a single calendar year. This opportunity comes with special rules, and these types of life income gifts allow you to make a gift to a qualified charitable organization and receive lifetime payments to boost your retirement income, or provide a lifetime payment for you or your spouse.
Annuity Rates Increase Again For the second time in six months, payout rates for charitable gift annuities have increased, making them higher now than they have been in more than a decade. Ask your personal financial advisor how a Charitable Annuity Gift could work to your advantage when supporting the charities of your choice.
If you are interested in learning how you might apply your charitable gifts to the Parkinson Association of Alabama, please contact us at 1.833.473.5465.
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