Tax Law Highlights: 2024

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As we approach the holiday giving season, you may want to take note of some of the following best opportunities and key dates.

November 1

• Gifts of Real Estate

Homes, rentals, land, buildings, farmland and more can be used to help send “JESUS” to unreached people. Getting started is easy. Contact us by November 1. For more information or to take the first step in making a property gift, email today at: [email protected] or call 800-449-5454.

November 28 

• Establish a Great Commission Donor-Advised Fund 

A donor-advised fund is like a charitable giving account. You can transfer cash or assets now to meet tax deadlines and then recommend grants to your church, Jesus Film Project^® or other charities you value. We recommend that you start the process by November 28, to allow time to fund your account with a check postmarked by December 31 and/or an appreciated asset like stock. For questions or an application, email us at: [email protected] or call 800-449-5454.

• Gifts of Stock

Donating stock or mutual funds to Jesus Film Project is simple! You can enjoy double tax savings on appreciated securities: 1) bypass the capital gains; and 2) receive a tax deduction for the full amount. The proceeds can go into your donor-advised fund or directly to your Jesus Film^® designated project. It is recommended that you initiate transfers with your broker by November 28.* Please use our Stock Gift Transfer Form on our website here to ensure a smooth transfer. For questions, email us at: [email protected] or call 888-278-7233 (choose Option #1, then #2).

Note: Mutual funds may take additional time for your broker to process.

December 1

• Charitable Gift Annuity

A Charitable Gift Annuity (CGA) is a simple and reliable way to receive quarterly fixed payments for life and help share the love of Jesus with our needy world. 

Begin the process by December 1. Your check will need to be in the mail with the state-specific application, dated and postmarked by December 31 to qualify for 2024 tax purposes. You can also fund a CGA with an appreciated asset gift like stock. To see a list of the current age/payout rates (Single Life or Two Lives), click here: jesusfilm.org/charitable-gift-annuity/. For questions or an application, reach out to Cru Foundation™ by email at: [email protected] or call 800-449-5454.

• Gifts from an Existing Donor-Advised Fund

Initiating a gift from an existing donor-advised fund with Cru Foundation or any other custodian should begin well before the end of 2024. Most offer both broker- or agent-assisted and online self-service portal options. To help ensure your gift goes to the project(s) of your choice, please have it in writing and request that your custodian pass that information on to the Cru Donations Processing Team when the check is issued.

• Gifts from an IRA

A Qualified Charitable Distribution is a direct transfer from your traditional IRA to Jesus Film Project that doesn’t add a penny to your taxable income. Beginning at age 70 1⁄2, you may transfer up to $105,000 annually. At age 73, the amount you give may count toward your required minimum distribution.*

It is recommended that you contact your IRA custodian by December 1 to initiate your gift. Click here if you need to find a IRA custodian’s contact information and other helpful details. Please use the IRA/Rollover Transfer Form on the website to put your gift to work quickly.

Find other helpful details on our website at jesusfilm.org/ira. You can use our QCD Directive Form on our website to expedite the process. Email any questions to: [email protected] or call 888-278-7233 (choose Option #1, then #3).

*Consult with your professional tax advisor to see how much of your QCD will qualify for your RMD. 

December 31

• Gifts of Cash

Be sure that your envelope is postmarked by Tuesday, December 31, so that your cash gift to Jesus Film Project or your donor-advised fund will qualify for 2024 tax purposes. 

Gifts for 2024 generated via a credit or debit card can be made on the Jesus Film Project website through December 31, or by calling 800-387-4040 (extended hours on December 31).

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SECURE 2.0 Act: Does It Affect You?¹

SECURE 2.0, the sequel to the SECURE Act of 2019, offers more options for people, including those approaching retirement and those with student-loan debt, to save more for their retirement. There are also opportunities for those who are charitably minded.

Rarely does legislation get a follow-up—much less more benefits—for a larger portion of Americans. But this was the case with the SECURE 2.0 Act of 2022, passed by Congress and signed by President Biden on December 29, 2022.

The law provides additional benefits for both the workforce and retirees. The provisions can also enable generous givers to be more charitable while lowering taxes. You could be one of many who benefit now.

Background on SECURE 2.0

SECURE 2.0 is the successor to the Setting Every Community Up for Retirement Enhancement Act – sometimes referred to as SECURE 1.0—which was enacted in 2019. That law focused on broadening the access to tax-advantaged accounts, among other impacts to retirement planning.

Key Provisions 

1. Required minimum distributions²

SECURE 1.0 boosted the required minimum distribution (RMD) to age 72; SECURE 2.0 boosts it up again—first to 73, then to 75, depending on your birth date. The new legislation also reduces the penalty, currently 50%, for failing to take an RMD down to 25%. “These changes could be welcome news for our retirees who may find that their RMD could put them in a higher tax bracket than they initially planned for,” says Heather Winston, a senior planning-solutions director for Principal^®. [Editor’s note: This is also when one can begin to consider using IRA funds for charitable purposes.] 

2. Part-time work and retirement³

Some savings plans are not available to those who work part-time, but SECURE 2.0 provides that for anyone who works between 500 and 999 hours each year for two consecutive years to be eligible to enroll in their company’s retirement plan.

3. Traditional IRA Rollover⁴

The SECURE 2.0 Act created a new charitable gift opportunity. Donors can now roll over a traditional IRA into a charitable gift annuity (CGA), a standard unitrust or an annuity trust. This is a creative new opportunity because many business owners over age 70½ have a traditional IRA. [Editor’s note, This is a one-time $50,000 distribution from a person’s IRA to fund a CGA. Consult your tax advisor to see if this is a good option for you.]

Other Provisions

Catch-up contributions (available to people ages 60-63) are increased by SECURE 2.0).

1. Auto-enrollment in employer-sponsored retirement plans.
2. Emergency savings (allows employers to offer savings accounts).
3. 529 rollovers to Roth IRAs.
4. Student-loan debt payments.

More SECURE 2.0 Provisions

The list is long and includes things such as additional options for minimal rollovers, donations to charities from retirement plans and a national clearinghouse for those who may have lost track of retirement savings they once had. Seek counsel first from your financial planning specialist and/or a tax advisor. Additional information is available online.

This material is intended only for educational purposes not to be taken as a recommendation. Our team of charitable planning specialists with Cru Foundation™ can come alongside your team of advisors and help ensure that you are stewarding well all that God has entrusted to you. You can reach out to them today at: [email protected] or call toll-free 800-449-5454.

Our Cru Foundation has prepared a list of those opportunities with potential solutions that can enable you to better steward your God-given resources.  To see the 2024 options and how you might benefit, click here now.  

Cru^® and its employees do not provide tax or legal advice. Ministry donors should consult with an attorney or qualified tax advisor about their situation.

¹ Content adapted from post 01.03.2023 on Principle.com

² Ibid.

³ Ibid.

⁴ Charles Schultz, JD, AEP® 02.23.2023, CrescendoInteractive.com