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THE REVERE ADVOCATE – FRIDAY, DECEMBER 30, 2022 DONATIONS | FROM Page 7 Page 13 ELIGIBLE DESIGNATED BENEFICIARY f you are a disabled or chronically ill individual or you are not more than 10 years younger than the deceased IRA owner or 401(k) plan participant, you can establish an Inherited IRA account in the name of the deceased account owner with you listed as the benefi ciary. Sometimes this type of account is referred to as a Benefi ciary IRA account. If the account owner dies prior to the RBD (Required Beginning Date), the date at which RMD’s (Required Minimum Distributions) commence, then the annual RMD’s going forward for the benefi ciary of the IRA account will be based upon his or her own life expectancy. Distributions must begin no later than December 31st of the year following the year of death. Furthermore, the beneficiary may withdraw any amount at any time as long as the entire balance in the IRA account is withdrawn by December 31st of the 10th year following the date of death of the original IRA account owner. If the IRA account owner or 401(k) participant dies after the Required Beginning Date, the annual RMD’s going forward are based upon the benefi ciary’s age and life expectancy or the age and life expectancy of the deceased original account owner, whichever is longer. Distributions from the Inherited IRA account must begin no later than December 31st of the year following the year of death of the original account owner. In this situation, the 10 year rule does not apply. A surviving spouse can simply roll the IRA account or 401(k) account of the deceased spouse into a Spousal IRA account and not have to take RMD’s until age 72. The RMD’s will be based upon his or her own life expectancy. The Secure Act 2.0, which is part of the most recent spending bill passed by Congress, extends I said the Divisional Commander for The Salvation Army in Massachusetts, Major Everett Henry. “The love and generosity of our neighbors has been with us and the people in need through a global pandemic, a persistent opioid cris is, an aff ordable housing shortage and more. On Thursday, December 22nd we bethe Required Beginning date to age 73 commencing in calendar year 2023. It will be increased to age 75 in calendar year 2033. When the account owner dies prior to the RBD, a non-eligible benefi ciary of an IRA account or 401(k) account, such as a child in the typical situation, may withdraw the monies in the account at any time as long as the entire balance is withdrawn by December 31st of the 10TH year following the account owner’s date of death. If the account owner dies after the RBD, the annual RMD’s are based upon the child’s age and life expectancy or the age and life expectancy of the account owner, whichever is longer, but the entire balance in the account must be distributed by December 31st of the 10th year following the date of death of the account owner. Distributions must begin no later than December 31st of the year following the date of death of the original account owner. These new RMD rules prevent children of the IRA or 401(k) account owner from “stretching” distributions over their life expectancy. A $500,000 IRA, for example, would have to be cashed out at the rate of $50,000 per year resulting in much higher income taxes over a much shorter period of time, not allowing for the account to grow tax deferred over the life expectancy of the child. 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. For Advertising with Results, call he Adv cate Ne spapers call The Advocate Newspapers at 781-286-8500 or Info@advocatenews.net lieve many of them will pause and take a moment to click on our virtual kettle.” Donations to the signature Red Kettles allow The Salvation Army to provide life-changing social services and other programs for thousands of people in Massachusetts each year. Not only are these important programs off ered during the holiday season, but off erings extend throughout an entire calendar year to meet the increasing needs of those battling food insecurity and those who are struggling to pay bills. Operating locally for more than 135 years, The Salvation Army has relied upon its iconic Red Kettle campaign since the 1890s to provide support and services to those in need every year. The resurgence of the pandemic has put new strains on social service organizations like The Salvation Army that have worked nonstop for 18 months to fulfill heightened requests for help. About The Salvation Army The Salvation Army helps more than 25 million Americans overcome poverty, addiction and economic hardships through a range of social services. By providing food for the hungry, emergency relief for disaster survivors, rehabilitation for those suff ering from drug and alcohol addiction and clothing and shelter for people in need, The Salvation Army is doing the most good a t 7,200 centers of operation around the country. During times of disaster, 100 percent of designated donations to The Salvation Army are used for immediate response and longterm efforts. In 2021, The Salvation Army was ranked No. 2 on the list of “America’s Favorite Charities” by The Chronicle of Philanthropy. For more information, visit SalvationArmyMA.org – and follow The Salvation Army on Twitter @SalvationArmyMA and #DoingTheMostGood. REVERETV | FROM Page 3 ple,” “Fabulous Foods with Victoria Fabb,” and “Cooking with the Keefes.” RevereTV will be covering one basketball game every week, dubbing it “The Game of the Week.” The latest game is RHS Girls Basketball vs. Milton from yesterday. The previous two games were Boys Basketball vs. 1. On Dec. 30, 1809, in Boston, a law was passed forbidding what headwear at balls? 2. What kind of fi sh is Nemo? 3. “Yule-hole” means a belt hole you must make or move to after you have eaten/drank too much over the holidays; this word is native to what country: Australia, Scotland or USA? 4. In December 2022, Joel Strasser of Idaho achieved what Guinness World Record for decorating his beard? 5. On Dec. 31, 2007, what project was completed in Boston? 6. Where on New Year’s Eve is there official confetti with personalized messages from around the world? 7. What holiday do Pastafarians of the Church of the Flying Spaghetti Monster celebrate? 8. In 2022, Coca-Cola suspended operations in what country? 9. On Jan. 1, 1902, the L Street Brownies swim club began where in South Boston? 10. What Scottish poet wrote “Auld Lang Syne”? 11. On Jan. 2, 1893, what famous abolitionist (who once lived in New Bedford and Lynn) spoke Answers at the dedication of the Haitian Pavilion at the World’s Columbian Exposition in Chicago? 12. Why was Bluetooth named after Harald Bluetooth, the 900s Viking King of Denmark? 13. On Jan. 3, 1920, the Red Sox sold Babe Ruth to what team? 14. According to Guinness World Records, a picture of soccer star Lionel Messi doing what recently became the most liked Instagram post? 15. Ralph Waldo Emerson stated, “The ornament of a house is the friends who frequent it” – what author used that line to adorn his fi replace in Hartford, Conn.? 16. How many sides does a snowfl ake have? 17. January 4 is National Trivia Day; what game involving trivia debuted in 1981? 18. Do polar bears hibernate? 19. In the World Cup, how many goals did host Qatar score over its three losses? 20. On Jan. 5, 1949, President Harry Truman’s State of the Union address recommended the “Fair Deal,” referencing what program package of his predecessor, Franklin D. Roosevelt? Everett and then Lynn English. “The Game of the Week” streams live on the Community Channel, YouTube and Facebook. Games on YouTube may then be taken off social media until the end of the season. RTV GOV is still scheduled with the latest local government meetings. There is not much going on this week, but last week’s meetings are now replaying. The list includes Revere City Council, License Commission, Public Art Commission and the Revere Public Schools Community Meeting on Opioids and Fentanyl. These meetings will be replaying on RTV GOV over the next few weeks. RTV GOV is channel 9 on Comcast and 13/613 on RCN. You must be a cable subscriber to watch on television, otherwise you can watch on YouTube. 1. Masks (Masquerade balls were considered bad for morals.) 2. Clownfi sh 3. Scotland (according to Scottish National Dictionary) 4. The most Christmas baubles in a beard (710) 5. The Big Dig 6. Times Square in NYC 7. “Holiday” (around the time of Hanukah, Kwanzaa and Christmas) 8. Russia 9. Carson Beach 10. Robert Burns 11. Frederick Douglass 12. He was known for bringing together parts of Denmark and Norway, and developing the technology brought some companies together. 13. The Yankees 14. Lifting the World Cup 15. Mark Twain 16. Six 17. Trivial Pursuit 18. No 19. One 20. The New Deal

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