Page 3 - The Shores of Jupiter - February '25
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The Shores, Page 3
      Financial Focus                          ®                                                            Bill’s Box from page 1



      What Should You Know About                        prior December 31 by a life expectancy factor published   Speaking Of Our HOA Board Of Directors

      RMDS?                                             by the IRS. Your financial professional should be able to     Our little village is a standout among developments in
                                                        perform this calculation for you.
                                                                                                            Jupiter, and at the lowest annual homeowner’s fees of all.
                                                          • If I have multiple accounts, do I have to take an RMD   Our grounds, infrastructure, home upkeep, appearance,
      By Sally Sima Stahl                               from each one? If you are taking RMDs from a traditional   and ACC compliance makes The Shores desirable, and
        You may spend many                              IRA, you must calculate each RMD individually, but   our property values are preserved. All this is due to
      decades contributing to                           you can take the total amount from one or more IRAs. If   outstanding HOA board members and their keen judgment
      your IRA and 401(k), but                          you’re taking RMDs from a 401(k) or similar plan, you   and management. Credit also goes to RealTime Property
      eventually you will likely                        must take the RMD from each of your accounts.       Management for its close attention to The Shores affairs
      need to take the money out                          • How are RMDs taxed? You are typically taxed at your   and compliance with our requirements. Their appointment
      — in fact, you must take the                      income tax rate on the amount of the withdrawn RMD.   of Alexa Schuck as our Property Manager was a blessing.
      money out or face penalties.                      You may be able to avoid taxes in a particular year if you   Congratulations to her are in order for the recent birth of
      What should you know                              transfer your RMDs to a qualified charity in what’s known   a brand-new baby.
      about these mandatory                             as a qualified charitable distribution.             Shores History
      withdrawals?                                        • If I inherit an IRA or 401(k), am I subject to RMDs?     A number of homeowners have expressed interest in
        Here are some of the                            Yes. When you take RMDs from an inherited account,   the history of our community. Mostly, the interest is by
      basics:                                           you generally must withdraw all the funds within 10   owners who were not around at the beginning. There are a
        • What are they called? Mandatory withdrawals are   years, as opposed to over your lifetime, which is the RMD   few of us Oldtimers who bought lots and built homes back
      technically called required minimum distributions, or RMDs.  window that applies to your own accounts. The rules are   in 1987. For instance, Dave Whelihan, Mike Stevens and
        • When must I take RMDs? If you were born before   somewhat different if you inherit an IRA or 401(k) from   I come to mind. Dawn and I bought our lot and built our
      1951, you’ve probably already begun taking RMDs. If   your spouse. In any case, though, you’ll want to consult   home in 1988. Both Dave and Mike were already here,
      you were born between 1951 and 1959, your RMD age   with your tax advisor about how to take RMDs from an   having stood in line early in the morning when lots went
      is 73. And if you were born in 1960 or later, your RMD   inherited account.                           on sale. A few other current residents were buyers that
      age is 75. You can postpone accepting your first RMD     If you’re already subject to RMDs, be sure you’ve   far back, but not many. I have committed to put together
      until April 1 of the year after you reach your RMD age,   taken them before the year ends. And if you haven’t yet   a brief history for our homeowners and have started
      but this will result in two RMDs for the year. After you   started taking RMDs, learn as much as you can about   putting together a list of sources for factual information.
      take your first RMD, you must take subsequent ones by   them — because the more you know, the more likely   Whelihan and I have talked about this. He will be a great
      December 31 of each year.                         you’ll make the right moves at the right time.      source as he was a prominent realtor within The Shores
        • What penalties will be assessed if I don’t take all     This article was written by Edward Jones for use by   early on. The development site was within Palm Beach
      my RMDs? For every dollar not withdrawn, the IRS will   your local  Edward  Jones  Financial Advisor,  Edward   County at the beginning. Later it was annexed to Jupiter.
      charge a 25 percent penalty, but this can drop to 10 percent   Jones, Member SIPC.                    I could go on now with lots of information on how The
      if you subsequently withdraw the correct amount within     Edward Jones is a licensed insurance producer in   Shores evolved to date. But a story must contain suspense.
      two years.                                        all states and Washington, D.C., through Edward D.   Soon, I will have talked to Jupiter and County staff who
        • Which accounts have RMDs? RMDs apply to traditional   Jones & Co., L.P., and in California, New Mexico and   can provide some specific details on the nature of the site
      IRAs, as well as other types of IRAs, including SIMPLE   Massachusetts through Edward Jones Insurance Agency   of our development before it was converted into a choice
      and SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs   of California, L.L.C.; Edward Jones Insurance Agency of   spot for our special village. Stand by.
      also apply to traditional 401(k)s, but not Roth 401(k)s.  New Mexico, L.L.C.; and Edward Jones Insurance Agency
        • Can I withdraw more than the RMD for any given   of Massachusetts, L.L.C.
      year? Yes, you are free to take out as much as you want.     Edward Jones, its employees and financial advisors
      However, if you take out more than the RMD for one year,   cannot provide tax advice. You should consult your
      you can’t apply the excess to the RMD for the next year.   qualified tax advisor regarding your situation.

        • How are RMDs calculated? Typically, your RMDs     Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
                                                                                                       ®
      are determined by dividing your account balance from the   AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
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