Page 10 - Jupiter Ocean Mile - December '24

Page 10, Jupiter Ocean Mile
Financial Focus ®

Consider Tax-Smart deductions for that year. In the years following, you could avoid the capital gains taxes you would have incurred if
you simply sold the stocks and then gave the money to the
revert to taking the standard deduction.
Charitable Gifts • Make qualified charitable distributions. Once you turn charities. One note of caution, though—your contributions
73 (or 75 if you were born in 1960 or later), you must start to a donor-advised fund are irrevocable, and once the assets
By Sally Sima Stahl, taking withdrawals from your traditional or inherited IRA. are in the fund, you can’t use them for anything except
As we enter the annual These withdrawals—technically called required minimum charitable giving.
season of giving, you might distributions, or RMDs—are taxable at your personal income These strategies—QCDs and donor-advised funds in
be thinking of charities you tax rate, so, if the amounts are large enough, they could push particular—can be complex and involve several issues of
wish to support. But you also you into a higher tax bracket or cause you to pay larger which you should be aware. So, you should consult your tax
might be wondering how to Medicare premiums. advisor before taking action. But if any of these techniques
gain some tax benefits from But if you donate these RMDs directly to a qualified are appropriate for your situation, give them some thought—
your gifts. charity, you can avoid the taxes. And because these donations, because helping a charitable group and getting tax benefits
It used to be pretty known as qualified charitable distributions (QCDs), will for doing so is a “win” for everyone.
straightforward: You wrote reduce the balance on your IRA, you may have lower RMDs This article was written by Edward Jones for use by
a check to a charity and then in the future. your local Edward Jones Financial Advisor, Edward Jones,
deducted the amount of the Of course, if you need some or all your RMDs to help Member SIPC.
gift, within limits, from your taxes. But a few years ago, as sustain yourself in retirement, the use of QCDs may not be Edward Jones is a licensed insurance producer in all states
part of tax law changes, the standard deduction was raised of interest to you. Keep in mind, though, that you can start and Washington, D.C., through Edward D. Jones & Co., L.P.,
significantly, so fewer people were able to itemize deductions. making QCDs at 70½, even before you must start taking and in California, New Mexico and Massachusetts through
Consequently, there was less financial incentive to make RMDs. QCDs up to $105,000 can be taken in 2024. Edward Jones Insurance Agency of California, L.L.C.;
charitable gifts. • Consider a donor-advised fund. If you’re interested in Edward Jones Insurance Agency of New Mexico, L.L.C.; and
Of course, this didn’t entirely stop people from making a long-term charitable giving arrangement, you might want Edward Jones Insurance Agency of Massachusetts, L.L.C.
them. And it’s still possible to gain some tax advantages, too. to consider establishing a donor-advised fund. You can put Edward Jones, its employees and financial advisors cannot
Here are a few tax-smart charitable giving strategies: many types of assets into this fund, and then direct it to provide tax advice. You should consult your qualified tax
• Bunch your charitable gifts into one year. If you combine make grants periodically to the charities you’ve chosen. advisor regarding your situation.
a few years’ worth of charitable gifts in a single year, you You get an immediate tax deduction for your contribution, Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
could surpass the standard deduction amount and then itemize and, if you donate appreciated assets, such as stocks, you’ll AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Medicare Corner With Kathy O

Since the Medicare Moving? Do not change your address with your Why is Social Security involved when I need services with
Annual Enrollment Period Advantage, supplement or drug plan carrier prior to your Medicare? Social Security (SSA) is the gatekeeper for Medicare.
is ending Dec. 7, I’d like move without first speaking to your agent – if you don’t have Your earnings are tracked by SSA and you must qualify with
to offer some general one, find one. When you call member service and change your 40 work quarters to receive Medicare. Medicare also relies on
Medicare tips and advice. address, they may cancel your plan at the end of the current SSA to determine your Part B Premium and if you receive SSA
The single most month, even if you don’t move until next month. This could benefits, to collect your premium. If you are not receiving SSA
important thing you can do unknowingly leave you with no coverage. benefits, you will be billed quarterly by Medicare.
for yourself is to have your The Special Enrollment Period for moving outside your If you still need to review or change your Medicare plan,
own agent. Your agent is an plan service rules are: 1) If you tell your plan before you Open Enrollment is Jan. 1 to Mar. 30 and you may qualify
amazing resource to reorder move, your chance to switch plans begins the month before for a Special Enrollment. Call me! If you have new Medicare
lost cards, answer benefit the month you move and continues for two full months after Topic suggestions, email me at czak82@aol.com.
questions, give a list of you move or 2) If you tell your plan after you move, your I speak Medicare: Supplement, Drug Plan and
specialists, review notices, claim statements and so much chance to switch plans begins the month you tell your plan, Advantage Plan.
more. Your agent can even answer questions about those plus two more full months. For your free Medicare Plan review please call me.
pesky TV ads and all the gossip from your friends about It is also important to change your address with Medicare. This Kathy Olejniczak, Agent, at (561) 835-5413 or cell/text
Medicare. Best of all, there is no cost to have an agent. is done through Social Security by phone or online at ssa.gov. (561) 212-7640.
Gifting Greatness With College Planning

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