Page 28 - October 2024 FINAL (1) e book1

28 October 2024 NHTownCrier.com

Would a 529 plan designated beneficiary get a head for the year.
start on saving for retirement by transferring their Beginning in tax years after December 31, 2025, if your
unused balance to a Roth IRA? wages exceed $145,000 in the preceding calendar year,
A 529 plan designated beneficiary may be eligible to indexed for inflation, you will be required to make your
have a direct rollover contribution made on their behalf catch-up contributions to a designated Roth account.
from their 529 plan to a Roth IRA, if certain conditions Traditional IRA distributions are taxed as ordinary
are met (state laws may vary). Distributions are subject income. Qualified Roth IRA distributions are federally
to annual Roth contribution limits, the 529 beneficiary tax-free provided it has been more than five years since
must have equivalent earned compensation, and the the Roth IRA was funded AND the owner is at least
aggregate distributions are limited to a $35,000 lifetime age 59 ½ or disabled, or using the first-time homebuyer
amount. exception, or taken by their beneficiaries due to their
To qualify, the 529 account must have been in death. Qualified Roth IRA distributions are not subject
Christopher J. Carbone
existence for at least 15 years and the amount rolled to state and local taxation in most states. Distributions
Does the Secure Act 2.0 Affect over to the Roth IRA may not exceed the aggregate from Traditional and Roth IRAs may be subject to an
amount contributed (plus earnings) before the five- IRS 10% additional tax if distributions are taken prior
Your Retirement Planning? year period ending on the transfer date. to age 59 ½
You may want to review your retirement planning Will you get credit for your student loan payments? Wells Fargo & Company and its affiliates do not
strategies because of key provisions in the SECURE Act If you are paying off qualified student loans, your provide legal or tax advice. This communication cannot
2.0, which was signed into law in December 2022. employer has the option to match your loan payments be relied upon to avoid tax penalties. Please consult
Currently effective with contributions to a retirement account, offering your tax and legal advisors to determine how this
Do you need to take required distributions from your you an additional incentive to save for retirement. For information may apply to your own situation. Whether
retirement accounts? this purpose, matching contributions can be made into any planned tax result is realized by you depends on the
The act increased the required minimum distribution a 401(k), 403(b), governmental 457(b), or SIMPLE IRA specific facts of your own situation at the time your tax
(RMD) age to 73. The RMD age is scheduled to increase plan if your employer chooses to offer this feature. return is filed.
to 75 in 2033. Should you take advantage of employer-sponsored This article was written by/for Wells Fargo Advisors
Does making qualified charitable distributions emergency savings accounts linked to individual and provided courtesy of Christopher J. Carbone, CFP®,
(QCDs) make sense? account plans? AWMA®, LUTCF® First Vice President - Investment
QCDs are available to those age 70½ or older and have Your company has the option to automatically sign Officer - Financial Advisor in New Hartford, NY at
(315) 723-7386
a Traditional IRA and/or Traditional Inherited IRA. you up for an emergency savings account for up to 3%
Now you may distribute a one-time $53,000 QCD paid of your salary or up to $2,500, indexed for inflation, Investment and Insurance Products are: • Not Insured
directly from your IRA to certain split-interest entities to your retirement plan if you earn less than a certain by the FDIC or Any Federal Government Agency • Not
that qualify. The distribution will be considered part amount of money. These contributions can be made on a Deposit or Other Obligation of, or Guaranteed by,
of the $105,000 QCD annual limit (both amounts are an after-tax basis with the potential for an employee the Bank or Any Bank Affiliate • Subject to Investment
adjusted for inflation). The rules governing which split- match. If your company participates, you are allowed Risks, Including Possible Loss of the Principal Amount
interest entities are allowed to receive the one-time at least one withdrawal per month and the first four Invested
$53,000 amount are complex, so consult a planning withdrawals in a year cannot be subject to any plan fees. Wells Fargo Advisors is a trade name used by Wells
or philanthropic specialist who can provide more Starting January 1, 2025 Fargo Clearing Services, LLC, Member SIPC, a
information. Should you take advantage of higher retirement catch- registered broker-dealer and non-bank affiliate of Wells
Should you direct employer matching contributions up contributions? Fargo & Company.
to your before-tax qualified retirement plan (QRP) Currently, if you’re age 50 or older and want to ©2023 – 2024 Wells Fargo Clearing Services, LLC.
account or designated Roth account? increase your tax-advantaged retirement savings, you PM-03122026-7012610.1.1
Your employer may now offer you the option to receive can make an additional $8,000 contribution annually to
vested matching contributions in a QRP designated your QRP and $3,500 to a SIMPLE IRA.
Roth account instead of a QRP before-tax salary Beginning in 2025, if you’re aged 60 – 63, you will be
deferral account. Contributions to a designated Roth able to increase that amount to the greater of $10,000,
account are made with after-tax dollars and qualified indexed for inflation, ($5,000, indexed for inflation, for
distributions are tax-free.1 a SIMPLE IRA) or 150% of your catch-up contributions
Should you delay taking distributions from a
designated Roth account?
Previously, if you had a Roth IRA, you were not Angels Among Us
required to take RMDs while you were alive, but you
did have to take them from a designated Roth account Food Pantry
in a QRP. Now you no longer have to take RMDs from
either type of Roth account. Oct 12 & 26
Nov 9 & 23 • Dec 7 & 21

Hours of Operation: 10am - Noon Night of Hope Dinner
The food pantry is located at: St. John The Evangelist The Ride for Missing Children Mohawk Valley will
Church, 66 Oxford Rd, New Hartford, NY. Follow the host its second annual Night of Hope dinner event at
signs to the driveway in the back during open hours. In Hart’s Hill Inn in Whitesboro on October 4th to raise
the event of food emergency issues, please contact the funds and awareness throughout the community.
St. John’s rectory from 9AM to 2 PM Monday through A Night of Hope will start with a cocktail hour at 6 p.m.,
Thursday at 315-732-8521. followed by dinner at 7 p.m. Tickets are $65 per general
Our pantry provides services to all residents of New
Retirement — irst get to it. Hartford (btw Rt 8 and Rt 12), Washington Mills, admission. Business casual attire is recommended.
The keynote speakers will be Ahmad Rivazfar, a Ride
Then get through it. Chadwicks, Sauquoit, Cassville and Clayville. for Missing Children Mohawk Valley rider as well as a
Making it to retirement these days is no small feat. And If this is your first visit, please bring proof of address. father of two kidnapped daughters, and Oneida County
once you arrive, you’re not done. Contact me today so If you do not have a permanent address, just come in. We Sheriff Robert Maciol.
we can help keep your income stream lowing through will assist. If you are unsure of eligibility, just come in. Every 40 seconds, someone in the United States
the next chapter.
We will assist. goes missing—most often a child. But together, we
We Are Looking For Volunteers! can change that. The RFMC-MV has been a steadfast
Christopher Carbone, CFP®, AWMA®, LUTCF® partner in funding the National Center for Missing
First Vice President - Investment Oicer 2024 TEFAP Eligibility Income Guidelines* and Exploited Children’s (NCMEC) vital initiatives,
CERTIFIED FINANCIAL PLANNER™
178 Woods Park Drive Based on Annual Incomes ensuring that every missing child has a chance to come
Clinton, NY 13323 home.
Direct: (315) 801-2546 Household Size Income
christopher.carbone@wellsfargoadvisors.com 1 $33,885 Your presence and support at this event will help
https://fa.wellsfargoadvisors.com/christopher- 2 $45,990
carbone 3 $58,095 us continue to make a real difference in the lives of
4 $70,200 vulnerable children and their families. Be part of the
Investment and Insurance Products: 5 $82,305 hope. All proceeds raised will support our mission:
NOT FDIC Insured NO Bank Guarantee MAY Lose Value 6 $94,410
7 $106,515 making our children safer, one child at a time.
For Each Additional Person $12,105 Tickets can be purchased online at
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member
SIPC, a registered broker-dealer and non-bank ailiate of Wells Fargo & Company. Add: www.rfmc-mv.org/
©2023 Wells Fargo Clearing Services, LLC. CAR-0323-04468
Please post for the calendar year 2024