Hello All. Based on the new Secure 2.0 law of 2022 that permits a CGA to be funded by an IRA, how are you handling gift counting since the charitable deduction value is technically 0?
I'm inclined to think that we should use the existing (Face Value - Investment in Contract = Charitable Deduction) formula to determine the gift value amount, just like we would all other CGAs, but then make sure that the acknowledgement letters are free of tax language and amount references since the IRA money can't be used as a tax deduction. Can anyone offer support for this policy or share an existing one that I haven't come across yet? Many thanks for your help on this!
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Natalie Mackey
Director of Advancement Services
Duquesne University
mackeyn@duq.edu------------------------------