Page 7 - Jupiter Ocean Mile - April '23

Jupiter Ocean Mile, Page 7
Financial Focus ELO Tribute

Open The (Back) Door To A contributions lower your annual taxable income. However,
contributing directly to a Roth IRA, you may also earn Ticket To The
if your income is high enough to disqualify you from
Roth IRA
too much to make deductible (pretax) contributions to a
By Sally Sima Stahl after-tax dollars to your traditional IRA, on top of the Moon
traditional IRA. Consequently, you might have contributed
There aren’t many
drawbacks to having a high pretax ones you may have put in when your income was
income — but being unable lower. (Earnings on after-tax contributions will be treated Report and Photos by Penny Sheltz
to invest in a Roth IRA as pretax amounts.) Ticket To The Moon, a tribute band performed a
might be one of them. Are In any case, if you convert pretax assets from your June free concert at Abacoa featuring the music of the
there strategies that allow traditional IRA to a Roth IRA, the amount converted will Electric Light Orchestra (ELO).
high-income earners to be fully taxable in the year of the conversion. So, if you ELO, is an English rock band formed in Birmingham
contribute to this valuable were to convert a large amount of these assets, you could in 1970 by songwriters/multi-instrumentalists Jeff
retirement account? face a hefty tax bill. And since you probably don’t want Lynne and Roy Wood with drummer Bev Bevan.
Before we delve into that to take funds from the converted IRA itself to pay for the Their music is a fusion of Beatles pop and classical
question, let’s consider the taxes, you’d need another source of funding, possibly from arrangements.
rules. In 2023, you can contribute the full amount to a your savings and other investments. Hosted by Legends Radio and presented by
Roth IRA — $6,500, or $7,500 if you’re 50 or older — if Ultimately, then, a backdoor Roth IRA strategy may Schumacher Automotive Group, the Abacoa live
your modified adjusted gross income is less than $138,000 make the most sense if you have few or no pretax assets in concert series are free each month and open to the
(if you’re single) or $218,000 (if you’re married and any traditional IRA, including a SEP-IRA and a SIMPLE public who bring their chairs and blankets for an
filing jointly). If you earn more than these amounts, the IRA. If you do have a sizable amount of pretax dollars in evening of live music in the beautiful outdoor setting.
amount you can contribute decreases until it’s phased out your IRA, and you’d still like to convert it to a Roth IRA, Some great ELO songs include, Can’t Get It Out
completely if your income exceeds $153,000 (single) or you could consider spreading the conversion over a period of My Head, Eldorado, Face the Music, Evil Woman,
$228,000 (married, filing jointly). of years, potentially diluting your tax burden. Strange Magic, Don’t Bring Me Down, Shine a Little
A Roth IRA is attractive because its earnings and Consult with your tax advisor when considering a Love, Last Train to London, Out of the Blue, and
withdrawals are tax free, provided you’ve had the account backdoor Roth strategy. But if it’s appropriate for your Newton-John’s Magic from Xanadu, Ticket to the
at least five years and you don’t start taking money out situation, it could play a role in your financial strategy, so Moon, I’m Alive, All Over the World, Don’t Walk Away,
until you’re 59½. Furthermore, when you own a Roth give it some thought. and more hits.
IRA, you’re not required to take withdrawals from it when This article was written by Edward Jones for use by
you turn 72, as you would with a traditional IRA, so you’ll your local Edward Jones Financial Advisor, Edward Jones,
have more flexibility in your retirement income planning Member SIPC.
and your money will have the chance to potentially keep Edward Jones is a licensed insurance producer in
growing. But given your income, how can you contribute all states and Washington, D.C., through Edward D.
to a Roth? Jones & Co., L.P., and in California, New Mexico and
You may want to consider what’s known as a “backdoor Massachusetts through Edward Jones Insurance Agency
Roth” strategy. Essentially, this involves contributing of California, L.L.C.; Edward Jones Insurance Agency of
money to a new traditional IRA, or taking money from an New Mexico, L.L.C.; and Edward Jones Insurance Agency
existing one, and then converting the funds to a Roth IRA. of Massachusetts, L.L.C.
But while this backdoor strategy sounds simple, it involves Edward Jones, its employees and financial advisors
some serious considerations. cannot provide tax advice. You should consult your qualified
Specifically, you need to evaluate how much of your tax advisor regarding your situation.
traditional IRA is in pretax or after-tax dollars. When Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
you contribute pretax dollars to a traditional IRA, your 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

Jupiter Beach Specialists

solD solD

159 Rosalia Ct Thinking of Selling? 107 Brier Circle
Jupiter Country Club Sold in 4 Days
$2,700,000 Ask about our 4% 2bd/2ba/2 car garage
Listing Commission Private heated salt water pool
$549,000
solD solD REDUCED Computer Install/Setup/Repair
Southern Exposure Technologies

(561) 315-0144
getsetgo.annie@gmail.com
* DSL, Broadband,Wireless Install
* Networking, Troubleshooting
* Instruction
* Hardware/Software Installation
1660 S A1A #312 - Jupiter By the Sea 205 Xanadu Pl 10600 S Ocean Dr * Virus/Spyware/Adware Fix
2bd/2ba/2 garage spaces Walk to beach, single family home Hutchinson Island * Cleanup/Maintenance/Backup
Direct Oceanfront Gated beach community $519,000
$1,100,000 $995,000 * Business Consult/Startup/Move
* Website Design/Maintenance
Call S.E.T. to install your “new computer, printer
10+ Million in Sales Serving Jupiter and wireless network”!
GET S.E.T. GO!
in 2022 Since 2004 REASONABLE HOURLY, WEEKLY, MONTHLY RATES
FOR SMALL BUSINESSES FOR AS LOW AS $50.00 AN HOUR,
561-744-7025 McLane OR 2 HOURS A WEEK, OR ON AN AS-NEEDED
WITH A MINIMUM OF 6 HOURS A MONTH,
Jim McLane Jeff McLane BASIS RATE OF $75.00 P/HOUR.
START YOUR NEW YEAR WITH SECURE BACKUPS,
2012 Ritz Carlton www.Jupiter1oceanfront.com Team Sales Associate QUALITY MAINTENANCE, ATTENTION TO DETAIL AND
Power Broker JimsellsJupiter@gmail.com PERSONABLE ON-SITE SUPPORT!
(561) 315-0144
CALL S.E.T. TODAY FOR YOUR COMPUTER NEEDS!