Page 10 - Jupiter Spotlight - April '23

Page 10, Jupiter Spotlight

Financial Focus Rex Recommends

By Rex Hearn Also on the program; Hebrides Overture, Op. 26
Open The (Back) Door To A The Flagler Museum (Fingal’s Cave) by Mendelssohn and Beethoven’s
Symphony No. 3 in E-Flat Major, Op. 55 (Eroica). This
Named “Whitehall’’
Roth IRA by its owner the wealthy was originally dedicated to Napoleon Bonaparte, but
Henry Flagler, his home is when Beethoven heard Napoleon had crowned himself
By Sally Sima Stahl the ultimate symbol of the emperor, he was disgusted. Tearing out the title page,
There aren’t many Gilded Age, built in 1900 he replaced it with “To The Memory of a Great Man”;
drawbacks to having a high and designed by architects thought to be Prince Louis Ferdinand of Prussia who died
income — but being unable Carrere and Hastings. in battle fighting Napoleon. The Eroica will be conducted
to invest in a Roth IRA Described as “more by Maestro Gerard Schwarz.
might be one of them. Are magnificent than any other The orchestra’s last concert is on Monday, May 15 at
there strategies that allow private dwelling in the world” 7:30 p.m. The program is Monuments for solo trombone
high-income earners to it is open to the public. Most and string orchestra by Adolphus Hailstork; Piano Concerto
contribute to this valuable say it is among the best experiences one can have while visiting No. 23 in A Major, by Mozart, Maria Joao Pires, pianist.
retirement account? Palm Beach. The staff are courteous and the excellent museum The concert ends with the great, stirring impressionist
Before we delve shop positively reeks of the Gilded Age with gifts you won’t Symphony in D Minor by Belgian composer, Cesar Franck
into that question, let’s find anywhere else. – his only symphony. For tickets call (561) 281-0145.
consider the rules. In 2023, you can contribute the Upcoming events: Masterworks Chorus Of The Palm Beaches
full amount to a Roth IRA — $6,500, or $7,500 if • Saturday, April 15 at 3 p.m., Bluegrass in the Pavilion, a Founded by the late musical genius and organist, Dr.
you’re 50 or older — if your modified adjusted gross Beaux-Arts railway palace housing the great man’s personal Jack Jones, who also founded the symphony, the chorus
income is less than $138,000 (if you’re single) or rail carriage. will sing two works: Mozart’s Coronation Mass, K 317,
$218,000 (if you’re married and filing jointly). If you • Saturday, April 20 at 10 a.m. begins the Easter Egg Hunt. performed in 1791 for Leopold II and used again in
earn more than these amounts, the amount you can Get there early, gates open at 9 a.m. Prague for Francis I in 1792. Also to be performed is
contribute decreases until it’s phased out completely • Mother’s Day, where, in the season, gourmet sandwiches, Bach’s famous Cantata No. 140, Wachet Auf (Sleepers
if your income exceeds $153,000 (single) or $228,000 scones and sweets are served in the pavilion’s Café des Beaux- Awake) composed in 1731. Held April 16 at 7 p.m. at the
(married, filing jointly). Arts. Celebrate Mother, Saturday, May 13 from 11:30 a.m. to United Methodist Church of Jupiter-Tequesta at 815 East
A Roth IRA is attractive because its earnings and 2:30 p.m. or on Sunday, May 14 from 12 to 3 p.m. Reservations Indiantown Road, Jupiter, it is a magnificent space for
withdrawals are tax free, provided you’ve had the suggested. Become a member by calling (561) 655-2833. this kind of choral work with amazingly good acoustics.
account at least five years and you don’t start taking Palm Beach Symphony Dr. Kenneth Taylor, director of music, conducts.
money out until you’re 59½. Furthermore, when The penultimate concert of the season, on Sunday, April 16 The Delray Beach Playhouse
you own a Roth IRA, you’re not required to take at 8 p.m. in the Kravis Center’s main building, Dreyfoos Hall, From April 28 to May 14 they present Noises Off a
withdrawals from it when you turn 72, as you would stars the incomparable solo violinist, Joshua Bell. He will hilarious, laugh a minute comedy by Michael Frayn. The
with a traditional IRA, so you’ll have more flexibility play Mendelssohn’s heartrending, tuneful, Violin Concerto theatre is located at 950 N.W. Ninth St., Delray Beach. In
in your retirement income planning and your money in E minor, Op. 64, accompanied by the orchestra. the interest of full disclosure, back in the 1960s when I
will have the chance to potentially keep growing. But At age 14, Bell debuted with the Philadelphia Orchestra, worked at The Guardian newspaper, Fleet Street, London,
given your income, how can you contribute to a Roth? conducted by Riccardo Muti, making his Carnegie Hall debut Michael was our resident humorist writing a thrice weekly
You may want to consider what’s known as a three years later. A native of Indiana he is among the world’s column. He never failed to amuse. And this play is a tonic
“backdoor Roth” strategy. Essentially, this involves greatest living violinists and has been named a “Young for those of us who need a few laughs. For tickets call
contributing money to a new traditional IRA, or taking Global Leader” by the world Economic Forum. (561) 272-1281.
money from an existing one, and then converting the
funds to a Roth IRA. But while this backdoor strategy
sounds simple, it involves some serious considerations. Identifying Early Reading Struggles
Specifically, you need to evaluate how much of your
traditional IRA is in pretax or after-tax dollars. When
you contribute pretax dollars to a traditional IRA, By Jim Forgan, Ph.D., of students who were poor readers at the end of first
your contributions lower your annual taxable income. School Psychologist grade still performed below average at the beginning
However, if your income is high enough to disqualify Ask any elementary of third grade. Don’t let your child become a reading
you from contributing directly to a Roth IRA, you school teacher and failure statistic. Specialized reading help is available
may also earn too much to make deductible (pretax) they will confirm that when you have the right knowledge.
contributions to a traditional IRA. Consequently, many kids struggle with The keys to helping your child include following your
you might have contributed after-tax dollars to your reading. School staff do hunch, seeking an expert to test your child to determine
traditional IRA, on top of the pretax ones you may their best to help with which reading program is best for your child’s needs,
have put in when your income was lower. (Earnings limited resources but and using the program with an experienced professional.
on after-tax contributions will be treated as pretax many take a wait and see The correct reading program can help save time, stress,
amounts.) approach. Waiting does and create life changing gains within your child. We
In any case, if you convert pretax assets from your not benefit your child. As encourage you not to accept a one-size-fits-all reading
traditional IRA to a Roth IRA, the amount converted an astute parent or family member, follow your instinct to approach offered by many schools.
will be fully taxable in the year of the conversion. determine the root cause of your child’s reading struggle. Since Dr. Forgan is also a Susan Barton certified
So, if you were to convert a large amount of these Students who struggle with reading in the early dyslexia tester, we use unique tests that others don’t
assets, you could face a hefty tax bill. And since you grades will eventually struggle with all academic have. Within a few weeks we give you answers and
probably don’t want to take funds from the converted areas. This occurs because the curriculum in upper tell you the best reading program we believe will help
IRA itself to pay for the taxes, you’d need another grades relies more and more on independent reading your child.
source of funding, possibly from your savings and skills. In fact, research studies have shown that it is Call to discuss your child as we test students ages
other investments. important to assess and remediate a child’s reading 5.5 through college for dyslexia, learning disabilities,
Ultimately, then, a backdoor Roth IRA strategy skills at an early age. Researcher Joseph Torgesen ADHD, depression, anxiety, and other processing
may make the most sense if you have few or no pretax and colleagues documented that more than 80 percent disorders. Visit JimForgan.com or call (561) 625-4125.
assets in any traditional IRA, including a SEP-IRA
and a SIMPLE IRA. If you do have a sizable amount
of pretax dollars in your IRA, and you’d still like to “Service is our number one priority”
convert it to a Roth IRA, you could consider spreading
the conversion over a period of years, potentially 561-743-0070
diluting your tax burden.
Consult with your tax advisor when considering a www.palmspoolservices.com
backdoor Roth strategy. But if it’s appropriate for your
situation, it could play a role in your financial strategy,
so give it some thought.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer
in all states and Washington, D.C., through Edward
D. Jones & Co., L.P., and in California, New Mexico
and Massachusetts through Edward Jones Insurance
Agency of California, L.L.C.; Edward Jones Insurance
Agency of New Mexico, L.L.C.; and Edward Jones
Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your Expires 5/15/23.
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, State Licensed & Insured
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. Serving Palm Beach County CPC # 1457468 • LPG#30099