Page 10 - Jupiter Spotlight - June '23

Page 10, Jupiter Spotlight
Financial Focus

New Law May Offer Financial QCDs are typically excluded from your taxable income and tax credit of up to $500 for three years if you make military
could satisfy some or all of your required RMDs, which are
spouses eligible for a retirement plan, such as a 401(k) or
Opportunities otherwise taxable, these expanded opportunities may prove SEP IRA. You can receive the credit for the year in which
beneficial from a tax standpoint. Consult with your tax advisor the military spouse is hired, plus the next two taxable years.
By Sally Sima Stahl to determine if and how QCDs make sense for your situation. These aren’t the only provisions in the SECURE 2.0
Your own decisions and If you’re still working … Act that may be relevant to you, and some parts of the new
actions typically determine • Roth contributions to retirement plans – Starting this year, law go into effect in the future. You may want to contact
your financial strategies. But if you participate in a 401(k) or similar plan, you can take your your financial and tax advisors to see just how you might
outside events can affect your employer’s matching and other contributions on a Roth basis. ultimately be affected by this legislation, and how you could
choices, too. And that may be While these contributions will count as taxable income, they take advantage of it.
the case with the recent passage can ultimately be withdrawn, along with any earnings they This article was written by Edward Jones for use by
of the SECURE 2.0 Act. generate, tax free, provided you meet certain conditions. your local Edward Jones Financial Advisor, Edward Jones,
This piece of legislation If you’re a business owner … Member SIPC.
covers many areas. But here • Increased tax credit for starting a retirement plan – If Edward Jones is a licensed insurance producer in all states
are some changes that may be you have 50 or fewer employees, you can now claim a startup and Washington, D.C., through Edward D. Jones & Co., L.P.,
of interest to you, depending credit covering 100 percent — up from 50 percent — of the and in California, New Mexico and Massachusetts through
on your situation: administrative costs of opening a 401(k) plan, up to $5,000 Edward Jones Insurance Agency of California, L.L.C.;
If you’re a retiree … for each of the first three years of the plan. Edward Jones Insurance Agency of New Mexico, L.L.C.; and
• Higher age for RMDs – The age at which you must take • Employer contribution credit – You may now be able to Edward Jones Insurance Agency of Massachusetts, L.L.C.
withdrawals — known as required minimum distributions, or get a tax credit based on employee matching or profit-sharing Edward Jones, its employees and financial advisors
RMDs — from your traditional IRA and 401(k) has increased contributions. This credit is capped at $1,000 per employee cannot provide tax advice. You should consult your qualified
from 72 to 73, effective this year. (If you turned 72 in 2022, and phases out gradually over five years. tax advisor regarding your situation.
but still haven’t taken your first RMD, you will need to • Military spouse tax incentive – If you have 100 or fewer Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
do so this year.) And in 2033, the RMD age will increase employees who earn at least $5,000 annually, you can earn a 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
again, to 75. You don’t have to wait until these ages before
taking withdrawals, but the new age limits may affect your
• Lower penalties for missed RMDs – If you don’t take at Jupiter Medical Center
withdrawal decisions.

least the RMD for a given year, you could face tax penalties.
Previously, this penalty was 50 percent of the amount you were Achieves Highest Safety Rating
supposed to have taken but now it’s reduced to 25 percent.
• New options for qualified charitable distributions – If
you’re 70½ or older, you can make a one-time qualified The Leapfrog Group has again Center received an ‘A’ despite
charitable distribution (QCD) of up to $50,000 to entities that awarded Jupiter Medical Center those challenges. I congratulate all
previously couldn’t receive these QCDs, including charitable an “A” Hospital Safety Grade for the leaders, staff, volunteers and
remainder annuity trusts, charitable remainder unitrusts and achieving the highest national clinicians who together made that
charitable gift annuities that meet certain criteria. Because standard in patient safety. Jupiter possible.”
Medical Center is the only hospital in About Jupiter Medical Center
the Palm Beach and Martin County Top rated in the region for quality,
region to receive an “A” rating. safety and patient experience,
The Leapfrog Group assigns a grade between “A” Jupiter Medical Center is the leading destination for
and “F” to more than 2,600 general hospitals across world-class health care in Palm Beach County and
the country. The grade uses over 30 measures of safety across the Treasure Coast. Jupiter Medical Center’s
data including rates of preventable errors, injuries state-of-the-art facilities and cutting-edge technologies
and infections. It also accounts for whether hospitals enable its award-winning physicians to provide a
have systems in place to protect patients from harm. comprehensive continuum of inpatient and outpatient
Leapfrog Hospital Safety Grades are considered the health care services. Jupiter Medical Center’s specialty
“gold standard of patient safety.” centers of excellence include: comprehensive cancer
“Patient safety is one of the foundational elements for care, cardiovascular care, orthopedics, neurosciences,
those deciding where to receive care,” says Amit Rastogi, and women’s and children’s services.
M.D., MHCM, president and CEO of Jupiter Medical For more information about Jupiter Medical Center,
Center. “This national designation by The Leapfrog Group please call (561) 263-2200 or visit www.jupitermed.com.
assures our community that the health care provided by About The Leapfrog Group
Jupiter Medical Center meets the highest standards. As we Founded in 2000 The Leapfrog Group is a national
continue to expand access to quality care to our growing nonprofit organization driving a movement for giant
community, this recognition signifies our commitment to leaps for patient safety. The flagship Leapfrog Hospital
providing the best quality, safety and patient experience.” Survey and new Leapfrog Ambulatory Surgery Center
The Leapfrog Hospital Safety Grade is the only (ASC) Survey collect and transparently report hospital
hospital ratings program based exclusively on hospital and ASC performance, empowering purchasers to find the
prevention of medical errors and harm to patients. The highest-value care and giving consumers the lifesaving
grading system is peer-reviewed and fully transparent information they need to make informed decisions. The
to the public. Leapfrog Hospital Safety Grade, Leapfrog’s other main
“This new update of hospital safety grades shows initiative, assigns letter grades to hospitals based on
Sunday, June 18 that, at the national level, we saw deterioration in patient their record of patient safety, helping consumers protect
safety with the pandemic,” said Leah Binder, president
themselves and their families from errors, injuries,
and CEO of The Leapfrog Group. “But Jupiter Medical accidents and infections.

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