Page 10 - Jupiter Spotight - July '22
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Page 10, Jupiter Spotlight

        Financial Focus                                  Executive Women Of The Palm Beaches

       New Limits Expand 401(k),                         Foundation Host Annual Meeting

       IRA Opportunities                                 And Installation Luncheon

       By Sally Sima Stahl
         You could spend two,                              Katie Klause-Newitt, vice president
       or  even  three, decades                          of A-1 Moving and Storage, was named
       in retirement. So, to pay                         the 2022/23 president of Executive
       for all those years, you’ll                       Women of the Palm Beaches Foundation
       probably need to take                             (EWPBF). She was sworn in at the
       full advantage of your                            EWPBF annual meeting and installation
       retirement accounts. And                          event at Season 52 in Palm Beach
       in 2022, you may have                             Gardens on May 25.
       expanded opportunities                              This  festive  evening  began  with
       to deduct retirement plan                         cocktails and 2021/22 EWPBF President
       contributions on your tax                         Amy Brand welcoming over 60 members
       return.                                           and guests in attendance. During the
         Before looking at what’s changed this year, let’s review   annual meeting, Amy announced this
       the key benefits of these accounts:               year’s member of the year was Denise
         • Traditional IRA – You typically contribute pretax   Mariani and the new member of the year
       (deductible) dollars to a traditional IRA, and your earnings   was Vivianne Hall. Amy also thanked
       can grow tax-deferred.                            all board members, committee chairs,  Left to right, back row, Alissa Dhawan, Christine Pitts, Cindy Pollack, Angie
         • Roth IRA – You invest after-tax dollars in a Roth IRA,   and committee members for a fantastic  Francalancia, Jessica Clasby, Elizabeth Hamma; left to right, front row, Katie
       so your contributions won’t lower your taxable income,   year and noted many achievements and  Klause-Newitt, Amy Brand, Jackie Halderman, Kae Jonsons, Trixy Walker
       but your earnings can grow tax free, provided you’ve had   highlights from the past year.   not in photo
       your account at least five years and you’re 59½ or older
       when you begin taking withdrawals.
         • 401(k) – A 401(k) or similar plan (such as a 457(b)
       for state and local government employees or a 403(b)
       for employees of public schools or nonprofit groups) is
       generally funded with pretax dollars and provides tax-
       deferred earnings. Some employers offer a Roth 401(k),
       in which employees contribute after tax-dollars and can
       take tax-free withdrawals if they meet the same age and
       length-of-ownership requirements as the Roth IRA.
         So, what’s different about these plans in 2022? First,
       consider the traditional IRA. If you – and your spouse, if
       you’re married – don’t have a 401(k) or similar plan, you                                                           Angie  Francalancia  and  Marcella
       can always deduct the full amount of your contribution   Palm Beach County Commissioner                             Scherer
       on your tax return, no matter what you earn. But if one or   Gregg Weiss and Property Appraiser   Virginia Spencer and PBC Commissioner
       both of you are covered by an employer-sponsored plan,   Dorothy Jacks             Maria Marino                     Executive Women on page 11
       then your deductions could be reduced or eliminated based
       on your income.
         Single taxpayers can claim the full deduction if your
       modified adjusted gross income (MAGI) is $68,000 or less   Peripheral
       ($109,000 for married filing jointly), with deductibility
       decreasing at higher income levels and phasing out    Neuropathy?
       entirely at $78,000 ($129,000 for married filing jointly).
       But here’s the key point: Compared to 2021, these ranges
       are $2,000 higher for single filers and $4,000 higher for   FREE Consultation
       those who are married and filing jointly – which means
       that this year, you might have more opportunities to make
       deductible contributions.                            for Acupuncture
         And a similar type of increase applies to Roth IRA
       eligibility. In 2022, if you’re a single filer, you can put in
       up to $6,000 ($7,000 if you are 50 or older) in a Roth IRA
       if your modified adjusted gross income (MAGI) is less
       than $129,000 – up from $125,000 in 2021. Allowable
       contributions are reduced at higher income levels and
       phased out if your MAGI is $144,000 or more, up from                                                            561-745-1002
       $140,000 in 2021. If you’re married and file jointly, the
       respective ranges are $204,000 to $214,000, up from                                                               654 West Indiantown
       $198,000 to $208,000 in 2021. Again, higher ranges may   THE PATIENT AND ANY OTHER PERSON RESPONSIBLE FOR PAYMENT HAS THE RIGHT TO   Road, Jupiter, FL 33458
                                                            REFUSE TO PAY, CANCEL PAYMENT OR BE REIMBURSED FOR PAYMENT FOR ANY OTHER
       mean more opportunities for you. (Consult your tax advisor   SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
                                                            WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
       to determine your eligibility to contribute to a Roth IRA or   OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT.
       make deductible contributions to a traditional IRA.)
         And finally, the annual contribution limit for 401(k),
       457(b) and 403(b) plans is $20,500 – up $1,000 from
       2021. If you’re 50 or older, you can put in an extra $6,500   Experience Dentistry with a Woman’s Touch
       this year, for a total of $27,000.
         These changes may not seem monumental, but when
       you’re saving for retirement, any opportunities to invest
       and potentially reduce taxes, of whatever size, can be           Cosmetic & Comprehensive Restorative Dentistry
       valuable. So, review your options to determine how you
       can help yourself move closer to your retirement goals.                State of the Art & Same Day Restorations
         This article was written by Edward Jones for use by
       your local Edward Jones Financial Advisor, Edward                     Nitrous Oxide/Oxygen Sedation Available
       Jones, Member SIPC.
         Edward Jones is a licensed insurance producer in
       all states and Washington, D.C., through Edward D.             Joanne Green, D.D.S.
       Jones & Co., L.P., and in California, New Mexico and
       Massachusetts through Edward Jones Insurance Agency                  10887 N. Military Trail, Suite 6
       of California, L.L.C.; Edward Jones Insurance Agency of             Palm Beach Gardens, FL 33410
       New Mexico, L.L.C.; and Edward Jones Insurance Agency
       of Massachusetts, L.L.C.                                    (561) 622-2815 •
         Edward Jones, its employees and financial advisors
       cannot provide tax advice. You should consult your             Medical College of Virginia School of Dentistry - Cum Laude
       qualified tax advisor regarding your situation.           Hospital of the University of Penn - General Practice Residency Training
         Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,               Harvard Dental School - Former Instructor
       1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.          Boston Brigham and Women’s Dental Group - Staff Dentist
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