CHEAT SHEET: Secure Act 2.0 a/k/a “Legacy IRA” legislation

Over 20 FAQs in simple, plain English. Share with your board, team, key donors. All the answers you need to make you look like a guru!

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Legacy IRA Cheat Sheet
This item: CHEAT SHEET: Secure Act 2.0 a/k/a “Legacy IRA” legislation

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Over 20 FAQs in simple, plain English. Share with your board, team, key donors. All the answers you need to make you look like a guru!

  1. What is the Secure Act 2.0 a/k/a “Legacy IRA” legislation?
  2. How does it work?
  3. How often can a donor use the Legacy IRA QCD?
  4. How much can a donor contribute?
  5. If the donor doesn’t use the full $50,000 in a single calendar year, does it rollover?
  6. How does the Legacy IRA QCD work with the existing QCD law?
  7. Is there an age limit?
  8. Can a donor make an additional contribution to the CRT to bring it up to our required CRT minimum gift
  9. Does a QCD to a life income plan satisfy the donor’s RMD?
  10. Can a donor name others to receive payments from a Legacy IRA QCD CGA or QCD CRT?
  11. Are QCD CGA annuity payments taxable?
  12. Are QCD CRT payments taxable?
  13. Does the donor get a charitable deduction for a QCD CGA or QCD CRT contribution?
  14. What is the minimum payout?
  15. Can a donor fund a deferred/flexible deferred or college annuity with a QCD?
  16. What about funding a charitable remainder trust with a QCD?
  17. Can a donor contribute an additional asset to fund the CGA?
  18. How does a donor make a QCD CGA gift?

  19. How does a donor make a QCD CRT gift?

  20. How do I determine the gift date?

  21. Can the annuitant assign their income interest in favor of the charity?

  22. How do the ages for a QCD and the RMD interact?

  23. What is the Required Minimum Distribution?