Page 5 - Jupiter West - July '22

Jupiter West, Page 5
Financial Focus South Florida Fair

New Limits Expand 401(k), ($109,000 for married filing jointly), with deductibility
$78,000 ($129,000 for married filing jointly). But here’s the Will Be ‘Dino-
decreasing at higher income levels and phasing out entirely at
IRA Opportunities
key point: Compared to 2021, these ranges are $2,000 higher
for single filers and $4,000 higher for those who are married
By Sally Sima Stahl and filing jointly – which means that this year, you might have Myte’ In 2023
You could spend two,
or even three, decades in more opportunities to make deductible contributions.
retirement. So, to pay for all And a similar type of increase applies to Roth IRA Guests attending the 2023 South Florida Fair will
those years, you’ll probably eligibility. In 2022, if you’re a single filer, you can put in have plenty to roar about at next year’s event from Jan.
need to take full advantage up to $6,000 ($7,000 if you are 50 or older) in a Roth IRA 13 to 29. That’s because the 2023 theme, announced
of your retirement accounts. if your modified adjusted gross income (MAGI) is less recently, is “Dino-Myte.”
And in 2022, you may have than $129,000 – up from $125,000 in 2021. Allowable Among the highlights being planned for the 2023
expanded opportunities contributions are reduced at higher income levels and phased fair – up to a dozen full-scale, moving, scientifically
to deduct retirement plan out if your MAGI is $144,000 or more, up from $140,000 in accurate, animatronic dinosaurs and dinosaur-related
contributions on your tax 2021. If you’re married and file jointly, the respective ranges exhibits.
return. are $204,000 to $214,000, up from $198,000 to $208,000 in Fair guests of all ages will be given the opportunity
Before looking at what’s changed this year, let’s review the 2021. Again, higher ranges may mean more opportunities for to act as paleontologists while digging for fossils and
key benefits of these accounts: you. (Consult your tax advisor to determine your eligibility learning about the Triassic, Jurassic and Cretaceous
• Traditional IRA – You typically contribute pretax to contribute to a Roth IRA or make deductible contributions periods in a fun and interactive way.
(deductible) dollars to a traditional IRA, and your earnings to a traditional IRA.) “We always like to present an educational
can grow tax-deferred. And finally, the annual contribution limit for 401(k), 457(b) component to our fair,” said Vicki Chouris, the fair’s
• Roth IRA – You invest after-tax dollars in a Roth IRA, and 403(b) plans is $20,500 – up $1,000 from 2021. If you’re president and CEO. “This theme will allow our
so your contributions won’t lower your taxable income, but 50 or older, you can put in an extra $6,500 this year, for a total fairgoers to get up-close-and-personal with replicas of
your earnings can grow tax free, provided you’ve had your of $27,000. the most fascinating prehistoric creatures that include
account at least five years and you’re 59½ or older when you These changes may not seem monumental, but when the mighty T-Rex of North America and the giant
begin taking withdrawals. you’re saving for retirement, any opportunities to invest and amphibious Spinosaurus from Africa.”
• 401(k) – A 401(k) or similar plan (such as a 457(b) for state potentially reduce taxes, of whatever size, can be valuable. So, There also will be self-contained shows and family
and local government employees or a 403(b) for employees review your options to determine how you can help yourself entertainment dedicated to dinosaurs along with walk-
of public schools or nonprofit groups) is generally funded move closer to your retirement goals. around performers in dinosaur costumes. Docents with
with pretax dollars and provides tax-deferred earnings. Some This article was written by Edward Jones for use by realistic baby dinosaur puppets also will interact with
employers offer a Roth 401(k), in which employees contribute your local Edward Jones Financial Advisor, Edward Jones, fairgoers. More details will be revealed as the date
after tax-dollars and can take tax-free withdrawals if they meet Member SIPC. draws closer to the fair.
the same age and length-of-ownership requirements as the Edward Jones is a licensed insurance producer in all states The South Florida Fair is produced by the South
Roth IRA. and Washington, D.C., through Edward D. Jones & Co., L.P., Florida Fair & Palm Beach County Expositions,
So, what’s different about these plans in 2022? First, and in California, New Mexico and Massachusetts through Inc., a 501(c)(3) nonprofit organization, and has a
consider the traditional IRA. If you – and your spouse, if you’re Edward Jones Insurance Agency of California, L.L.C.; Edward longstanding tradition of raising funds for educational
married – don’t have a 401(k) or similar plan, you can always Jones Insurance Agency of New Mexico, L.L.C.; and Edward and charitable purposes. Located at 9067 Southern
deduct the full amount of your contribution on your tax return, Jones Insurance Agency of Massachusetts, L.L.C. Blvd. in West Palm Beach, the 2023 South Florida Fair
no matter what you earn. But if one or both of you are covered Edward Jones, its employees and financial advisors cannot will kick off with its Ride-A-Thon at 5 p.m. on Jan. 12
by an employer-sponsored plan, then your deductions could provide tax advice. You should consult your qualified tax and the full fair will be held Jan. 13 to 29. For more
be reduced or eliminated based on your income. advisor regarding your situation. information, call (561) 793-0333 or visit the website,
Single taxpayers can claim the full deduction if your Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, http://www.southfloridafair.com.
modified adjusted gross income (MAGI) is $68,000 or less 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

Peace of Mind

Choose The Standby Power People

Turnkey Installation Certified Technician Customer For Life

Promo Code: SEABREEZE
*
Mention

*Receive a FREE 10 Year Generac Warranty

($995 Value), with signed quote by 8/31/22.

561.774.7714

2271 Palm Beach Lakes Blvd. West Palm Beach, FL 33409

Licensed Electrical Contractor #EC 13010145 GeneratorSupercenterofThePalmBeaches.com