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THE SAUGUS ADVOCATE – WEDnESDAy, nOVEmbEr 27, 2024 Page 19 SOUNDS | FROM PAGE 18 al Credit Union at 509 Main St. in Saugus. On Saturday, Dec. 7, children will get to meet Mrs. Claus and Lillie the Lion from 8 a.m. to noon at Webster First Federal Credit Union and enjoy some hot chocolate and snacks. St. Margaret’s Christmas Stroll Dec. 7 St. Margaret’s Church at 431 Lincoln Ave. will hold its annual Christmas Stroll on the weekend of Dec. 7 and 8. On Saturday the 7th, we will be serving a meatball sub lunch from 11 a.m. to 3 p.m., and on Sunday the 8th we will be serving breakfast from 8:30 to 11:30 a.m. During the two days we will have raffles, raffles and more raffles and a gifts table with Christmas gifts for purchase along with baked goods. Join us for a fun weekend! St. John’s Christmas Fair Dec. 7 St. John’s Episcopal Church, TRADITIONAL IRA CONTRIBUTIONS T here are limits that the Internal Revenue Code places on the amount of contributions that may be made to a traditional IRA. Deductible contributions may be limited when the individual (or his spouse) is an active participant in a retirement plan maintained by an employer. The application of the contribution and deduction limits are different for taxpayers filing joint returns than for other taxpayers. An individual is not considered an active participant in an employer-sponsored plan merely because his or her spouse is treated as an active participant. However, the maximum deductible IRA contribution for an individual who is not an active participant, but whose spouse is an active participant, is phased out for adjusted gross income levels between $230,000 and $240,000 for calendar year 2024. As an example, Clyde is a participant of his company 401(k) plan. Clyde and Bonnie file a joint income tax return for calendar year 2024 reporting an adjusted gross income of $220,000. Bonnie may make a deductible contribution to a traditional IRA for calendar year 2024 because she is not an active participant in an employer-sponsored retirement plan and their combined adjusted gross income is below $230,000. However, Clyde may not make a deductible IRA contribution because the couple’s combined adjusted gross income is above the present range for active participants who are married filing a joint return ($123,000 to $143,000 for 2024). Assume the same facts as in the above example except that Clyde and Bonnie’s adjusted gross income was $240,000 for calendar year 2024. Neither Clyde or Bonnie would then be able to make a deductible contribution to a traditional IRA. The limit of $143,000 for Clyde was exceeded and the limit of $240,000 for Bonnie was exceeded. The maximum contribution to a traditional IRA is $7,000 for calendar year 2024. It will remain at $7,000 in calendar year 2025. Catch-up contributions will be allowed for any taxpayer who will be at least 50 years of age at the end of the year. These taxpayers will be able to make an additional contribution of up to $1000 for calendar years 2024 and 2025. The maximum allowable deduction is phased out if the taxpayer is an active participant in an employer-sponsored retirement plan. For calendar year 2024, the reduction is an amount that bears the same ratio to the maximum allowable deduction as the taxpayer’s adjusted gross income in excess of the “applicable dolat 8 Prospect St., Saugus, plans to hold its annual Christmas Fair from 9 a.m. to 2 p.m. on Dec. 7. The church is located near the Saugus Iron Works National Historical Site, at the corner of Central and Prospect Streets. The fair will fealar amount” bears to $10,000. For a single taxpayer, the “applicable dollar amount” is $77,000. The deduction amount becomes $0 when his or her adjusted gross income is $87,000 or more. As an example, assume Fredo’s adjusted gross income is $82,000 for calendar year 2024. $82,000-$77,000 = $5,000. $5,000/$10,000 = 50%. You then need to multiply the maximum traditional IRA contribution amount of $7,000 by 50% in order to determine the non deductible portion of the IRA contribution. Therefore, in this example, $3,500 would represent the non-deductible portion and $3,500 would constitute the deductible portion. This is the formula you would need to utilize in order to determine what deduction to actually take on your federal income tax return. When the IRA is partially or no longer deductible, it is a good time to evaluate whether or not a contribution to a ROTH IRA would make more sense. These are just some of the numerous rules surrounding traditional IRA’s. The choices are now more difficult to make as a result of the creation of the ROTH IRA. This IRA grows tax-deferred but does not provide for a current income tax deduction. After age 59 ½, the taxpayer can withdraw monies in a ROTH IRA and pay no taxes on the earnings, so long as the account has been opened for at least five years. Joseph D. Cataldo is an estate planning/elder law attorney,Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. ture holiday crafts tables, yard sale items, homemade candies and baked goods, lunch, books and puzzles, a raffle table, face painting, jewelry and knit items. Santa at Breakheart Come and meet Santa from 11 a.m. to 1 p.m. on Sunday, Dec. 8, at Breakheart Reservation at the Christopher P. Dunne Visitor Center at 177 Forest St. in Saugus. Take a THE SOUNDS | SEE PAGE 20 - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Docket No. ES24P2591GD Essex Probate and Family Court 36 Federal Street Salem, MA 01970 In the interests of: SHERLYN A AVELAR ESCOBAR of Saugus, MA Minor NOTICE AND ORDER: PETITION FOR APPOINTMENT OF GUARDIAN OF A MINOR NOTICE TO ALL INTERESTED PARTIES 1. Hearing Date/Time: A hearing on a Petition for Appointment of Guardian of a Minor filed on 08/26/2024 by Francisco M Tejada Lopez of Saugus, MA, will be held 01/08/2025 08:30 AM Guardianship of Minor Hearing located Essex Probate and Family Court, 36 Federal Street, Salem, MA 01970 - (978) 744-1020 2. Response to Petition: You may respond by filing a written response to the Petition or by appearing in person at the hearing. If you choose to file a written response, you need to: File the original with the Court; and Mail a copy to all interested parties at least five (5) business days before the hearing. 3. Counsel for the Minor: The minor (or an adult on behalf of the minor) has the right to request that counsel be appointed for the minor. 4. Counsel for Parents: If you are a parent of the minor child who is the subject of this proceeding you have a right to be represented by an attorney. If you want an attorney and cannot afford to pay for one and if you give proof that you are indigent, an attorney will be assigned to you. Your request for an attorney should be made immediately by filling out the Application of Appointment of Counsel form. Submit the application form in person or by mail at the court location where your case is going to be heard. 5. Presence of the Minor at Hearing: A minor over age 14 has the right to be present at any hearing, unless the Court finds that it is not in the minor’s best interests. THIS IS A LEGAL NOTICE: An important court proceeding that may affect your rights has been scheduled. If you do not understand this notice or other court papers, please contact an attorney for legal advice. Date: November 19, 2024 Pamela Casey O’Brien REGISTER OF PROBATE COURT November 27, 2024

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