Secure 2.0
On December 29, 2022, President Biden signed into law a piece of legislation that could affect how alumni and friends give to Moravian. The bill contains the , which includes retirement provisions and expands the rules for Qualified Charitable Distributions (QCDs).
A QCD is a direct transfer of funds from an Individual Retirement Account (IRA) to a qualified charitable organization like ΢ÃÜÆƽâ and Theological Seminary. QCDs can be counted toward satisfying Required Minimum Distributions (RMDs) for the year if certain rules are met.
In the provision, referred to as Secure 2.0, the following legislative changes were introduced:
- Individuals who are 70½ years old or older may use a Qualified Charitable Distribution (QCD) to donate up to $100,000 to qualified charities directly from an IRA. Beginning in 2024, the annual IRA QCD limit of $100,000 will be indexed for inflation.
- The age for required minimum distributions will be raised, from 72 (in 2022) to 73 in 2023, and 75 in 2033.
- Individuals can make a one-time gift or "convert" up to $50,000 of IRA assets into a Charitable Remainder Trust or into a Charitable Gift Annuity.
For more information on how these changes may affect giving to Moravian, contact Marissa E. Zondag ’13, Director of Legacy Giving, at legacygiving@moravian.edu or 610-625-7906. To explore more ways in which you can give a gift, check out our How to Give webpage or our Legacy Giving webpage on ways to include ΢ÃÜÆƽâ in your estate plan.