Page 10 - Jupiter Spotlight- November '23

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.
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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 JimForgan.com
or call (561) 625-4125.

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