Page 16 THE MALDEN ADVOCATE–Friday, November 4, 2022 BHRC | FROM PAGE 9 United States. “Designating Sikh Appreciation Month is a way to honor the Sikh community for sharing the importance of equality, service to others, freedom of religion, inclusiveness and cultivating a space where everyone is welcome,” said co-sponsor Rep. Christine Barber (D-Somerville). “April marks important celebrations for Sikhs, especially Vaisakhi, the spring festival celebrating the birth of Sikhism as a collective faith,” said co-sponsor Rep. Patricia Duff y (D-Holyoke). “It is a time to honor the Sikh values of truth, compassion, generosity, service and spirituality." QUOTABLE QUOTES “These facilities will provide a wonderful opportunity for our Massachusetts students and workers to get the hands-on skills training they need to enter into cybersecurity careers. At the same time, these new centers will offer cost-eff ective security monitoring to support small towns, businesses and nonprofi ts, protection that is becoming increasingly important for these institutions.” ---Lt. Gov. Karyn Polito announcing $3.7 million in state grants to promote the development of a diverse cybersecurity workforce and improve local cyber resiliency in the state. 2023 401(K) CONTRIBUTION LIMITS F or calendar year 2023, the IRS is increasing the amount employees participating in a company-sponsored 401(k) plan can contribute to $22,500. Approximately 60million Americans are participating in such plans in order to help provide for a comfortable retirement. The catchup contribution for 2023 will rise to $7,500 which allows for anyone 50 years of age or older to then max out on a 401(k) plan 2023 total contribution of $30,000. This is a substantial amount of money being contributed to your retirement while at the same time allowing for an income tax deduction as your taxable W-2 wages are reduced by the amount of the contribution. If your company off ers a Roth 401(K) component to the company-sponsored 401(k) plan, then you can decide how much to contribute to the deductible 401(k) portion and the non-deductible Roth 401(k) portion. Although you do not receive a current income tax deduction for Roth 401(k) contributions, you don’t have to worry about paying income taxes on the earnings when you ultimately withdraw those monies during your retirement years. Taxpayers can now contribute $6,500 in 2023 to a Traditional or Roth IRA. If 50 years of age or older, the catchup contribution remains at $1,000 allowing someone who is 50 years of age or older to contribute $7,500 to a Traditional IRA or Roth IRA. For taxpayers that are in their own business, a Solo 401(k) plan contribution limit for calendar year 2023 is now up to $66,000. If 50 years or older, the catchup contribution for 2023 is $7,500 allowing for a maximum 2023 contribution of $73,500. In 2023, the allowable deduction for taxpayers making contributions to a Traditional IRA is phased out for single taxpayers and heads of households who are active participants in a company-sponsored retirement plan with modified adjusted gross income between $73,000 and $83,000. For a married couple fi ling a joint return, in which the spouse who makes the IRA contribution is an active participant in a company-sponsored retirement plan, the deduction is phased out with income between $116,000 and $136,000. For a spouse not covered by such a plan but is married to someone that is, the deduction for a Traditional IRA contribution is phased out if the couple’s income is between $218,000 and $228,000. For 2023, depending upon your income, your ability to contribute to a Roth IRA is phased out for a married couple with income between $218,000 and $228,000 and for single taxpayers and heads of household, with income between $138,000 and $153,000. If you earn too much to contribute to a Roth IRA, you can contribute to a non-deductible IRA and then several years later convert it to a Roth IRA. They refer to this as a “back-door” Roth IRA. This way, down the line you do not have to worry about paying taxes on the earnings when you make withdrawals. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. “Climate change is a defi ning crisis of our time. The current generation of students is going to lead our way forward. At Framingham State, students in our Department of Environmental Science and Policy and Department of Environment, Society and Sustainability are gaining the skills, techniques and knowledge to solve the major social-environmental problems of our planet. ---Framingham State University President Dr. Nancy Niemi on the university being recognized as one of the nation’s most environmentally responsible colleges for the 11th time by The Princeton Review. “Our ability to provide the kind of care that residents need in order to live healthy and productive lives is directly impacted by the policies and funding provided by our federal government. Norfolk County, like other counties, is often the fi rst line of defense when dealing with mental and behavioral health issues. I am calling on Congress to do what is necessary and right to help us do our jobs better on behalf of the people we serve.” ---Norfolk County Sheriff Patrick McDermott urging the federal government to help support behavioral and mental health treatment by better directing resources to community-based treatment and services in order to help support residents with behavioral health conditions and reduce the reliance on criminal legal services, including jails and prisons. “Today in Massachusetts, too many students graduate high school unprepared for college and careers while at the same time good-paying jobs go unfi lled. Our coalition believes that Massachusetts can address some of our most pressing challenges by creating stronger connections between what students are learning in high school and the economic opportunities our employers are creating.” ---Edward Lambert, Executive Director of the Massachusetts Business Alliance for Education. “We are proud to work with excellent local partners at community action agencies to provide relief to families across the state. We encourage anyone who may need assistance paying their winter heating bills to explore their eligibility, and we ask others who know loved ones or neighbors who could benefi t from this free resource to apply, as well. No one should have to worry about their ability to access adequate heating.” ---Jennifer Maddox, Undersecretary, Massachusetts Department of Housing and Community Development. HOW LONG WAS LAST WEEK'S SESSION? Beacon Hill Roll Call tracks the length of time that the House and Senate were in session each week. Many legislators say that legislative sessions are only one aspect of the Legislature's job and that a lot of important ~ LEGAL NOTICE ~ NOTICE OF FUNDING AVAILABILITY (NOFA) American Rescue Plan Act Funds Available for Vacant Property Acquisitions NOFA RELEASED: QUESTIONS DUE: ADDENDUM RELEASED: APPLICATIONS DUE: APPLICATION OPENING: NOVEMBER 9, 2022 AT 10:00 A.M. DECEMBER 1, 2022 AT 10:00 A.M. DECEMBER 1, 2022 AT 4:00 P.M. DECEMBER 12, 2022 AT 10:00 A.M. DECEMBER 12, 2022 AT 10:00 A.M. DELIVER SEALED APPLICATIONS TO: Malden Redevelopment Authority 215 Pleasant Street, Third Floor Malden, MA 02148 The City ofMalden has received $45.7 million in American Rescue Plan Act (ARPA) Local Fiscal Recovery funds and has granted $2 million to the Malden Redevelopment Authority (MRA) to acquire, rehabilitate, and sell vacant properties as affordable homes to income-eligible households. The MRA is accepting applications from qualified applicants for the acquisition of vacant properties. Applicants must be owners of vacant property located in the city ofMalden. Applications are available upon request. Applications are due on December 12, 2022 at 10:00 A.M. The City’s Office of Strategic Planning and Community Development (OSPCD) will review applications for accuracy and completion. OSPCD staff may request additional information after an application has been received. Please submit any application requests or questions in writing to OSPCD Housing Program Coordinator Kristina Tseng at ktseng@cityofmalden.org with “Vacant Properties Acquisition” in the subject line. work is done outside of the House and Senate chambers. They note that their jobs also involve committee work, research, constituent work and other matters that are important to their districts. Critics say that the Legislature does not meet regularly or long enough to debate and vote in public view on the thousands of pieces of legislation that have been fi led. They note that the infrequency and briefl ength of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on dozens of bills in the days immediately preceding the end of an annual session. During the week of October 24-28, the House met for a total of three hours and 21 minutes and the Senate met for a total of one hour and 38 minutes. Mon. Oct. 24 House11:04 a.m. to12:25 p.m. Senate 11:10 a.m. to12:28 p.m. Tues.Oct. 25 No House session No Senate session Wed. Oct. 26 No House session No Senate session Thurs. Oct. 27 House11:01 a.m. to 1:01 p.m. Senate 11:14 a.m. to11:34 a.m. Fri. Oct. 28 No House session No Senate session Bob Katzen welcomes feedback at bob@beaconhillrollcall.comBob founded Beacon Hill Roll Call in 1975 and was inducted into the New England Newspaper and Press Association (NENPA) Hall of Fame in 2019.
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