Page 10 - Jupiter Spotlight- November '23
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Page 10, Jupiter Spotlight
      Financial Focus                          ®

      What Should You Know                               70½. The original SECURE Act of 2019 raised this age to 72,   However, converting a tax-deferred account to a Roth IRA
                                                         and SECURE 2.0, passed in 2022, raised it again, to 73. (If you
                                                                                                           will generate taxes in the year of conversion, so you’d need
      About RMDs?                                        turned 73 in 2023, and you were 72 in 2022 when the RMD   the money available to pay this tax bill.
                                                         limit was still 72, you should have taken your first RMD for     • Donate RMDs to charity. In what’s known as a qualified
      By Sally Sima Stahl                                2022 by April 1 of this year. You will then need to take your   charitable distribution, you can move up to $100,000 of your
        You may spend decades                            2023 RMD by Dec. 31. And going forward, you’ll also need   RMDs directly from a traditional IRA to a qualified charity,
      contributing  to  various                          to take your RMDs by the end of every year.)      avoiding the taxes that might otherwise result if you took
      retirement accounts. But for                         Not all retirement accounts are subject to RMDs. They   the RMDs yourself. After 2023, the $100,000 limit will be
      some  accounts, such as a                          aren’t required for a Roth IRA, and, starting in 2024, won’t be   indexed to inflation.
      traditional IRA and 401(k),                        required for a Roth 401(k) or 403(b) plan. But if your account     Of course, before you start either a Roth IRA conversion
      you must start withdrawing                         does call for RMDs, you do need to take them, because if you   or a qualified charitable distribution, you will need to consult
      funds at a certain point. What                     don’t, you could face tax penalties. Previously, this penalty   with your tax advisor, as both these moves have issues you
      should you know about this                         was 50 percent of the amount you were supposed to have   must consider and may not be appropriate for your situation.
      requirement?                                       taken, but SECURE 2.0 reduced it to 25 percent.     But it’s always a good idea to know as much as you can
        To begin with, the rules                           When you take your RMDs, you need to be aware of a   about the various aspects of RMDs – they could play a big
      governing these withdrawals                        key issue: taxes. RMDs are taxed as ordinary income, and,   part in your retirement income strategy.
      – technically called required minimum distributions, or RMDs   as such, they could potentially bump you into a higher tax     This article was written by Edward Jones for use by
      – have changed recently. For many years, individuals had to   bracket and possibly even increase your Medicare premiums,   your local Edward Jones Financial Advisor, Edward Jones,
      begin taking their RMDs (which are based on the account   which are determined by your modified adjusted gross   Member SIPC.
      balance and the IRS’ life expectancy factor) when they turned   income. Are there any ways you could possibly reduce an     Edward Jones is a licensed insurance producer in all states
                                                         RMD-related tax hike?                             and Washington, D.C., through Edward D. Jones & Co., L.P.,
        School Shouldn’t                                   You might have some options. Here are two to consider:  and in California, New Mexico and Massachusetts through
                                                           •  Convert  tax-deferred  accounts  to  a  Roth  IRA
                                                                                                           Edward Jones Insurance Agency of California, L.L.C.;
                                                         account. You could convert some, or maybe all, of your
                                                                                                           Edward Jones Insurance Agency of New Mexico, L.L.C.; and
        Be This Difficult                                tax-deferred retirement accounts to a Roth IRA. By doing   Edward Jones Insurance Agency of Massachusetts, L.L.C.
                                                         so, you could lower your RMDs in the future – while adding
                                                                                                             Edward Jones, its employees and financial advisors
                                                         funds to an account you’re never required to touch. So, if
                                                                                                           cannot provide tax advice. You should consult your qualified
                                                         you don’t really need all the money to live on, you could   tax advisor regarding your situation.
        By Jim Forgan, Ph.D.,                            include the remainder of the Roth IRA in your estate plans,     Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
        School Psychologist                              providing an initially tax-free inheritance to your loved ones.   1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
          “I  hate school.
        School  is  like  jail  for
        kids.”  Margaret’s  son’s
        reaction captured how                                Peripheral
        many boys perceive
        school. It can be a battle                           Neuropathy?
        to  get  your  child  to
        school and a battle to get
        homework  completed.                                FREE Consultation
        Many parents feel
        embattled by emails, texts, or phone calls about your
        child’s behavior or effort. Learning is a slow process   for Acupuncture
        and your child’s behind. Many parents come to us for
        school  neuropsychological  testing  seeking  answers
        because they realize school should not be this difficult.
          Children struggle in school for various reasons and
        for adolescent boys I often hear, “He is just lazy and
        unmotivated.” Many times our testing reveals a hidden
        learning disability and that your son is feeling inadequate.                                                   561-745-1002
        When a boy does not feel good enough or that he can meet
        the academic requirement, he can’t work to his potential.                                                        654 West Indiantown
        Thus, he is not lazy but feeling inadequate and believes,   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
        “Why try?” The good news is this can be changed with   SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
                                                            WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
        proper support at school and home.                  OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT.
          According to the National Center for Educational
        Statistics, 15 to 20 percent of public school students
        in the United States receive special education services.
        In Florida, 15 percent of public school students have
        an Individual Education Program (IEP). Thirty-three
        percent of special education students have a specific
        learning disability. Your child needs testing to receive
        public school help. Public schools offer this but with
        many hurdles and a lengthy wait time. We offer a more
        thorough evaluation and give you written results in
        two weeks or less.
          Trust  your  parental  instinct  and  seek  additional
        understanding.  A  wait  and  see  approach  often
        delays  getting  your  child  the  proper  help  and
        support. Tutoring,  counseling,  an  IEP,  or  504  Plan
        is often needed to start closing gaps and increasing
        independence  and  confidence. The  state  of  Florida
        provides money to help you offset these expenses. To
        learn more search Family Empowerment Scholarship
        Unique Abilities.
          Call or text to discuss your child as we test for
        autism,  dyslexia,  dysgraphia, ADHD,  depression,
        learning disabilities, and anxiety. Visit
        or call (561) 625-4125.

        Captain’s was established in 1980 servicing
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        Captain’s is committed to providing
        dependable, reliable and professional
        ground transportation to and from all
        South Florida Airports and Seaports.  PBCVH212
           To reserve your vehicle:
       561-798-2180 or 800-634-7890
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