Page 10 - Jupiter Spotight - July '22

Page 10, Jupiter Spotlight

Financial Focus Executive Women Of The Palm Beaches

New Limits Expand 401(k), Foundation Host Annual Meeting

IRA Opportunities And Installation Luncheon

By Sally Sima Stahl
You could spend two, Katie Klause-Newitt, vice president
or even three, decades of A-1 Moving and Storage, was named
in retirement. So, to pay the 2022/23 president of Executive
for all those years, you’ll Women of the Palm Beaches Foundation
probably need to take (EWPBF). She was sworn in at the
full advantage of your EWPBF annual meeting and installation
retirement accounts. And event at Season 52 in Palm Beach
in 2022, you may have Gardens on May 25.
expanded opportunities This festive evening began with
to deduct retirement plan cocktails and 2021/22 EWPBF President
contributions on your tax Amy Brand welcoming over 60 members
return. and guests in attendance. During the
Before looking at what’s changed this year, let’s review annual meeting, Amy announced this
the key benefits of these accounts: year’s member of the year was Denise
• Traditional IRA – You typically contribute pretax Mariani and the new member of the year
(deductible) dollars to a traditional IRA, and your earnings was Vivianne Hall. Amy also thanked
can grow tax-deferred. all board members, committee chairs, Left to right, back row, Alissa Dhawan, Christine Pitts, Cindy Pollack, Angie
• Roth IRA – You invest after-tax dollars in a Roth IRA, and committee members for a fantastic Francalancia, Jessica Clasby, Elizabeth Hamma; left to right, front row, Katie
so your contributions won’t lower your taxable income, year and noted many achievements and Klause-Newitt, Amy Brand, Jackie Halderman, Kae Jonsons, Trixy Walker
but your earnings can grow tax free, provided you’ve had highlights from the past year. not in photo
your account at least five years and you’re 59½ or older
when you begin taking withdrawals.
• 401(k) – A 401(k) or similar plan (such as a 457(b)
for state and local government employees or a 403(b)
for employees of public schools or nonprofit groups) is
generally funded with pretax dollars and provides tax-
deferred earnings. Some employers offer a Roth 401(k),
in which employees contribute after tax-dollars and can
take tax-free withdrawals if they meet the same age and
length-of-ownership requirements as the Roth IRA.
So, what’s different about these plans in 2022? First,
consider the traditional IRA. If you – and your spouse, if
you’re married – don’t have a 401(k) or similar plan, you Angie Francalancia and Marcella
can always deduct the full amount of your contribution Palm Beach County Commissioner Scherer
on your tax return, no matter what you earn. But if one or Gregg Weiss and Property Appraiser Virginia Spencer and PBC Commissioner
both of you are covered by an employer-sponsored plan, Dorothy Jacks Maria Marino Executive Women on page 11
then your deductions could be reduced or eliminated based
on your income.
Single taxpayers can claim the full deduction if your
modified adjusted gross income (MAGI) is $68,000 or less Peripheral
($109,000 for married filing jointly), with deductibility
decreasing at higher income levels and phasing out Neuropathy?
entirely at $78,000 ($129,000 for married filing jointly).
But here’s the key point: Compared to 2021, these ranges
are $2,000 higher for single filers and $4,000 higher for FREE Consultation
those who are married and filing jointly – which means
that this year, you might have more opportunities to make
deductible contributions. for Acupuncture
And a similar type of increase applies to Roth IRA
eligibility. In 2022, if you’re a single filer, you can put in
up to $6,000 ($7,000 if you are 50 or older) in a Roth IRA
if your modified adjusted gross income (MAGI) is less
than $129,000 – up from $125,000 in 2021. Allowable
contributions are reduced at higher income levels and
phased out if your MAGI is $144,000 or more, up from 561-745-1002
$140,000 in 2021. If you’re married and file jointly, the
respective ranges are $204,000 to $214,000, up from 654 West Indiantown
$198,000 to $208,000 in 2021. Again, higher ranges may 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
mean more opportunities for you. (Consult your tax advisor SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
to determine your eligibility to contribute to a Roth IRA or OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT. www.drlaruffa.com
make deductible contributions to a traditional IRA.)
And finally, the annual contribution limit for 401(k),
457(b) and 403(b) plans is $20,500 – up $1,000 from
2021. If you’re 50 or older, you can put in an extra $6,500 Experience Dentistry with a Woman’s Touch
this year, for a total of $27,000.
These changes may not seem monumental, but when
you’re saving for retirement, any opportunities to invest
and potentially reduce taxes, of whatever size, can be Cosmetic & Comprehensive Restorative Dentistry
valuable. So, review your options to determine how you
can help yourself move closer to your retirement goals. State of the Art & Same Day Restorations
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Nitrous Oxide/Oxygen Sedation Available
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D. Joanne Green, D.D.S.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency 10887 N. Military Trail, Suite 6
of California, L.L.C.; Edward Jones Insurance Agency of Palm Beach Gardens, FL 33410
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C. (561) 622-2815 • www.joannegreendds.com
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your Medical College of Virginia School of Dentistry - Cum Laude
qualified tax advisor regarding your situation. Hospital of the University of Penn - General Practice Residency Training
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, Harvard Dental School - Former Instructor
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. Boston Brigham and Women’s Dental Group - Staff Dentist