Things To Do In SW Florida

In Ed Slott’s recent monthly newsletter, he pointed out some important information that individuals with IRA accounts and 401(k) accounts should be aware of.

Advantage of converting to a Roth:

When you convert pre-taxed retirement funds to a Roth account, all interest and dividends associated with the funds converted as well as any increase in the market value of funds converted are tax-free. However, the amount converted is taxable in the year of conversion.

Previously, you could undo a Roth conversion by changing to contribution to a traditional IRA. However, this action, known as a recharacterization, was repealed after 12/31/2017. However, you can still change your mind regarding a Roth contribution in the current year. to a traditional IRA if you decide you don’t want to report the contribution as taxable income in 2024.

Possible tax savings associated with movement into a long-term care facility:

If you decide to join a long-term care facility for yourself or a family member, the initial cost and recurring costs are likely to be considerable. Slott pointed out ways in which there are ways to take advantage of current tax provisions. read more

TALLAHASSEE — Unemployment in Florida held steady at 3.3 percent in July, while retirements among baby boomers and some Gen Xers are affecting the state’s labor force.

The Florida Department of Commerce on Friday released a report that showed the same 3.3 percent unemployment rate as in April, May and June. The size of the labor force was down slightly in July, while the number of people out of work ticked up.

Among areas of Florida, the Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area had a 3.4 percent unemployment rate in July, up from 3.1 percent in June.

The Panama City area was at 3.5 percent. The Naples-Immokalee-Marco Island and the Orlando-Kissimmee-Sanford areas were at 3.7 percent, while the Jacksonville, Pensacola-Ferry Pass-Brent and Tampa-St. Petersburg-Clearwater areas were at 3.8 percent.

The highest rate was in the Homosassa Springs area at 5.9 percent, up from 5.2 percent in June. The Villages area was at 5.7 percent followed by the Sebring area at 5.6 percent. read more