Page 10 - Hobe Sound Reflections - May '22

Page 10, Hobe Sound

financiaL focus

Don’t Be Surprised By Social spouse have a combined income between $32,000 and from a traditional IRA are taxable and will increase your
• If you’re married and file jointly … If you and your
adjusted gross income, but withdrawals from a Roth
Security Taxes $44,000, you may be taxed on up to 50 percent of your IRA will be tax-free, provided you’ve had your account
benefits. If your combined income is more than $44,000, at least five years and you’re over 59½, so this money
By Sally Sima Stahl up to 85 percent of your benefits may be taxable. won’t enter into your taxable income calculations and it
When you reach the These numbers might seem high, but they don’t mean won’t increase the tax you owe on your Social Security
appropriate age, it’s easy you’ll lose 50 percent, or 85 percent, of your benefits – benefits. Similarly, withdrawals from health savings
to apply for Social Security they are just the percentages of benefits you may be taxed accounts (HSAs) used for qualified health expenses also
retirement benefits – just go on, at your personal income tax rate. won’t count toward your taxable income.
to Social Security’s website, To help avoid a big tax bill or an underpayment By knowing exactly what to expect from Social
fill out the online form and penalty, you can file Form W-4V with the Social Security Security, including the tax effects, you can more
you’re essentially done. Administration and request to have 7, 10, 12 or 22 percent effectively incorporate your benefits into your overall
But many people overlook of your monthly benefit withheld. Your tax advisor retirement income planning – and the better your plans,
the next step – completing can help you choose the withholding percentage that’s the more you’ll be able to enjoy your life as a retiree.
Form W-4V, which asks you appropriate for your situation. This article was written by Edward Jones for use by
how much federal income The amount of taxes you may need to pay will also your local Edward Jones Financial Advisor, Edward
tax you want withheld from your benefits. And if you skip depend on when you start taking Social Security. The Jones, Member SIPC.
this step, you could face an unpleasant surprise when it’s earlier you take benefits, the smaller your monthly checks, Edward Jones is a licensed insurance producer in
tax-filing time, because Social Security benefits can indeed and the smaller the taxes. But taxes should not be a key all states and Washington, D.C., through Edward D.
add to your taxable income. issue in deciding when you need to begin collecting your Jones & Co., L.P., and in California, New Mexico and
Here are the details: payments. Rather, you should consider other factors, such Massachusetts through Edward Jones Insurance Agency
• If you’re a single filer … If your “combined” income as your anticipated life expectancy, your employment of California, L.L.C.; Edward Jones Insurance Agency of
is between $25,000 and $34,000, you may have to pay situation, your spending needs and the benefits for your New Mexico, L.L.C.; and Edward Jones Insurance Agency
income tax on up to 50 percent of your Social Security spouse. of Massachusetts, L.L.C.
benefits. (“Combined” income includes your adjusted Here’s something else to keep in mind: Because Edward Jones, its employees and financial advisors
gross income, non-taxable interest, and one-half of your Social Security taxes are based on your overall income, cannot provide tax advice. You should consult your
annual Social Security benefits.) If your combined income as described above, the amount of money you withdraw qualified tax advisor regarding your situation.
is more than $34,000, up to 85 percent of your benefits during retirement, and where that money comes from, can Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
may be taxable. also affect your tax situation. For example, withdrawals 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

ScholarShip NewS

Warner Family Establishes As part of the UF MFOS Scholarship program, the

The Thomas Warner Tom Warner Scholarship will go to a first-generation,
low-income student from Martin or Palm Beach County.
Scholarship Under The UF The Warner Scholarship will help unlock opportunities for
other scholars as well as it will help UF obtain its match
Machen Florida Opportunity needed to obtain an annual $400,000 from the Johnson

Scholars Program Scholarship Foundation.
“Our Machen scholars are so grateful to be Gators.

Because of Tom and the Warner family, the recipients
Scholarship Earmarked For A Student From and their families’ lives will be forever changed with a
Martin Or Palm Beach County college degree from a top university like UF,” said Dr.
To the outside world, Tom Warner was a highly Leslie Pendleton, senior director of the Machen Florida
accomplished public figure as a former legislator and Opportunity Scholars Program.
the state’s first solicitor general. To those who knew him Machen Florida Opportunity Scholarship recipients Tom Warner, state rep.
best, he was a champion of community, family, and often are chosen from among first-generation, low-income District 82, 1996 Tom Warner, 2015
those less fortunate. students accepted into UF. MFOS recipients are eligible
When the Warner family considered the best way to have their award renewed each year. Each year, the program funds and supports 1,250. For more
to honor his memory, they thought of his passions: his The Bernie and Chris Machen Program, named for information about MFOS, please visit opportunity.ufl.edu.
community, his love of education, his support for people UF President Emeritus Bernard J. Machen and first lady, For more information about the West Palm Beach-based
in need, and of course, his beloved alma mater, the Chris Machen, celebrated its 15th anniversary in 2021. Johnson Scholarship Foundation, please visit jsf.bz.
University of Florida (UF).
In honor of Warner, his family has established the
Thomas Warner Scholarship under the Machen Florida
Opportunity Scholars (MFOS) program. The Tom Warner
MFOS Scholarship will be awarded to a student from
Martin or Palm Beach County. The endowed scholarship
will be available each year.
those who don’t have resources,” said Judge Martha NoN-Toxic cancer immunotherapy

“My husband was always concerned about supporting
Warner, Tom’s wife of 46 years. “Tom was a UF double
gator, earning both his undergraduate and law degree
from UF. We decided to tie his love of UF with his love Available NoW
for the local community through a scholarship.”
The first Tom Warner MFOS Scholarship is expected Safe and Effective!
to be awarded this fall, perhaps to a student from Clark
Advanced Learning Center, a charter high school he
helped to establish on the Martin County campus of Indian This is the Original Immunotherapy that
River State College.
Warner died on Jan. 11, 2019, after a long battle balances and optimizes your immune system to
with cancer. He spent decades in public service as the fight almost any type of cancer.
city attorney for Stuart, Fla., the state representative
for District 82 from 1992 to 1999, and the state’s first
solicitor general from 1999 to 2003. In that role, he Hundreds of successes over the years.
represented the state before the Florida Supreme Court
and the U.S. Supreme Courts. Continuously available since 1977
“I think it’s a great tribute to Tom and what he
believed in,” said Carolyn Timman, clerk of court in Freeport, Grand Bahama Island
for Martin County and Warner’s legislative aide. She
considers herself one of the many individuals who got
encouragement and mentorship from Warner. See our website for more info:
www.Quantumimmunotherapy.net
CCCC or call for more information: Toll-free number (561) 766-0878

Email: Quantimmuno@gmail.com