Page 10 - Jupiter Spotlight - December '24

Page 10, Jupiter Spotlight

Financial Focus ® Medicare Corner With Kathy O

Since the Medicare move, your chance to switch plans begins the month before
Consider Tax-Smart Annual Enrollment Period the month you move and continues for two full months after
you move or 2) If you tell your plan after you move, your
is ending Dec. 7, I’d like
Charitable Gifts to offer some general chance to switch plans begins the month you tell your plan,
Medicare tips and advice. plus two more full months.
By Sally Sima Stahl T h e si n g l e m o st It is also important to change your address with
As we enter the important thing you can do Medicare. This is done through Social Security by phone
annual season of giving, for yourself is to have your or online at ssa.gov.
you might be thinking own agent. Your agent is an Why is Social Security involved when I need services with
of charities you wish to amazing resource to reorder Medicare? Social Security (SSA) is the gatekeeper for Medicare.
support. But you also lost cards, answer benefit Your earnings are tracked by SSA and you must qualify with
might be wondering how questions, give a list of 40 work quarters to receive Medicare. Medicare also relies on
to gain some tax benefits specialists, review notices, claim statements and so much SSA to determine your Part B Premium and if you receive SSA
from your gifts. more. Your agent can even answer questions about those benefits, to collect your premium. If you are not receiving SSA
It used to be pretty pesky TV ads and all the gossip from your friends about benefits, you will be billed quarterly by Medicare.
straightforward: You Medicare. Best of all, there is no cost to have an agent. If you still need to review or change your Medicare plan,
wrote a check to a Moving? Do not change your address with your Open Enrollment is Jan. 1 to Mar. 30 and you may qualify
charity and then deducted the amount of the gift, within Advantage, supplement or drug plan carrier prior to your for a Special Enrollment. Call me! If you have new Medicare
limits, from your taxes. But a few years ago, as part move without first speaking to your agent – if you don’t have Topic suggestions, email me at czak82@aol.com.
of tax law changes, the standard deduction was raised one, find one. When you call member service and change your I speak Medicare: Supplement, Drug Plan and
significantly, so fewer people were able to itemize address, they may cancel your plan at the end of the current Advantage Plan.
deductions. Consequently, there was less financial month, even if you don’t move until next month. This could For your free Medicare Plan review please call me.
incentive to make charitable gifts. unknowingly leave you with no coverage. Kathy Olejniczak, Agent, at (561) 835-5413 or cell/text
Of course, this didn’t entirely stop people from The Special Enrollment Period for moving outside your (561) 212-7640.
making them. And it’s still possible to gain some tax plan service rules are: 1) If you tell your plan before you
advantages, too.
Here are a few tax-smart charitable giving strategies:
• Bunch your charitable gifts into one year. If you
combine a few years’ worth of charitable gifts in a single
year, you could surpass the standard deduction amount and
then itemize deductions for that year. In the years following,
you could revert to taking the standard deduction.
• Make qualified charitable distributions. Once you
turn 73 (or 75 if you were born in 1960 or later), you Peripheral
must start taking withdrawals from your traditional or
inherited IRA. These withdrawals—technically called Neuropathy?
required minimum distributions, or RMDs—are taxable
at your personal income tax rate, so, if the amounts are
large enough, they could push you into a higher tax FREE Consultation
bracket or cause you to pay larger Medicare premiums.
But if you donate these RMDs directly to a qualified
charity, you can avoid the taxes. And because these for Acupuncture
donations, known as qualified charitable distributions
(QCDs), will reduce the balance on your IRA, you may
have lower RMDs in the future.
Of course, if you need some or all your RMDs to
help sustain yourself in retirement, the use of QCDs
may not be of interest to you. Keep in mind, though,
that you can start making QCDs at 70½, even before 561-745-1002
you must start taking RMDs. QCDs up to $105,000 can
be taken in 2024. 654 West Indiantown
• Consider a donor-advised fund. If you’re 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
interested in a long-term charitable giving arrangement, SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
you might want to consider establishing a donor- OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT. www.drlaruffa.com
advised fund. You can put many types of assets into
this fund, and then direct it to make grants periodically
to the charities you’ve chosen. You get an immediate
tax deduction for your contribution, and, if you donate
appreciated assets, such as stocks, you’ll avoid the
capital gains taxes you would have incurred if you
simply sold the stocks and then gave the money to
the charities. One note of caution, though—your
contributions to a donor-advised fund are irrevocable,
and once the assets are in the fund, you can’t use them
for anything except charitable giving.
These strategies—QCDs and donor-advised funds in
particular—can be complex and involve several issues
of which you should be aware. So, you should consult
your tax advisor before taking action. But if any of
these techniques are appropriate for your situation,
give them some thought—because helping a charitable
group and getting tax benefits for doing so is a “win”
for everyone.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer
in all states and Washington, D.C., through Edward
D. Jones & Co., L.P., and in California, New Mexico
and Massachusetts through Edward Jones Insurance
Agency of California, L.L.C.; Edward Jones Insurance
Agency of New Mexico, L.L.C.; and Edward Jones
Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl,
CFP , AAMS™, 1851 W. Indiantown Road, Ste. 106,
®
Jupiter, FL 33458.