The rules have changed for 2023
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As we look forward to the year ahead, I want to remind you of one of the most powerful ways to support our editorial team: making a tax-free gift from your traditional IRA.
If you or someone you know is subject to a Required Minimum Distribution — the legal amount you must withdraw from your Individual Retirement Account on an annual basis — the rules have changed for 2023.
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The SECURE 2.0 Act, which President Biden signed into law on December 29, updated the age for RMDs effective January 1 so that retired persons 73 and older — as well as those who reached age 72 before that date — must take an RMD in 2023. And, if you turned 72 in 2022, you might have to take an RMD by April 1, 2023, and another by December 31.
If you haven’t withdrawn any funds from your IRA yet in 2023, your first withdrawal will automatically count toward your RMD and add to your taxable income for this year — unless it’s a direct gift to a nonprofit like The American Prospect.
If you have any questions about IRA giving, ask your financial advisor or feel free to contact me and I can direct you to more information.
Thank you for your dedication to the Prospect.
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Ellen J. Meany, Publisher
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Your contribution is tax deductible and goes directly to supporting our editorial team. Note if you choose to receive the print magazine via mail, the value is $60 per year. Any amount you pledge beyond that is 100% tax deductible. American Prospect, Inc. 501(c)(3) FEIN 52-1617061
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Copyright (C) 2023 The American Prospect. All rights reserved.
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