Unless the RMD is a significantly large amount, any financial strategy involving the "best" timing of it is purely a guess. Rather than viewing it as a financial task, it's possible to turn it into a memorable or even fun opportunity.
What does qualify for Florida's Back to School Sales Tax Holiday this year? The sales-tax-free dates run from Monday, July 24 to Sunday, August 6. The list of items you can save on is long; more than simple pencils and paper. Before you think you know what qualifies, though, check twice. Here is the general description of items that qualify:- "clothing, footwear, and accessories selling for $100 or less";- "certain school supplies selling for $50 or less";- "and the first $1500 of personal computers and computer-related accessories." Read The Fine Print Before shopping, you may want to know what actually counts, and what doesn't, under the three general categories. You can find all the details in Tax Information Publication #23A01-06, issued 6/15/23: https://floridarevenue.com/taxes/tips/Documents/TIP_23A01-06.pdf Following are a few examples. What counts as "clothing"? Lingerie - yes. Athletic pads - no. "School supplies"? Backpacks - yes. Briefcases - no. "Computers"? Tablet - yes. Smartphone - no. How about payment terms? Layaway - yes. Rain checks and gift cards - no. All of the above probably make some sense. Yet, other qualifiers/non-starters might make shoppers scratch their heads: Kindle- Yes. Books- No.Hunting vests - Yep. Life jackets - Nope.Snow ski suits - Yeah. Scuba suits - Nah.Youth bicycle helmet - Uh-huh. Youth motorcycle helmet - Uh-uh.Rain poncho - Check. Umbrella - Not.Garden gloves - You got it. Athletic gloves - Not a chance.Receiving blankets - Yep. Crib blankets - Nope.Notebook paper - For sure. Computer paper - Not.Scotch tape - Si si. Masking tape - No no.Computer batteries - Yes. All other batteries - No.Blank CD - Ok. Recorded CD - Not ok.All-in-one printer - Yep. Copy machine - Nope. Fax machine - Nope.Docking station - Yes. Surge protector - No.Monitor - You're in. Television - Sorry.Bowling shoes, purchased - Strike. Bowling shoes, rented - Gutter ball.Lab coat - Of course. Hard hat - Are you kidding?Book bag - Yep. Computer bag - Nope.Cleats - Score. Skates - Robbed.Hat - Oui. Wig - No.Karate gi - Ha! Shin guards - Ouch! And really,Bowties - Yes. Masks - No. How Did They Derive This List? A sales tax holiday is a nice way to give families a break and provide economic stimulus. One wonders, though, how these qualifying decisions were made. "Let's make it necessities only." Clearly that wasn't it. "Only things Florida schools can use." Snow suits rule that one out. Got any ideas? Leave them in the comments below. Nevertheless, make your list, save up until July 24 and go to town to save 6% - 7%. Or maybe don't go to town. Maybe work your list from your favorite special shopping chair or couch and wait for the boxes to show up. And leave something nice for the delivery driver, like, I don't know, a lab coat. Or a sales-tax-free snow suit.
2023 Summer freedom from sales tax items: This annual sales tax holiday began during the pandemic in 2020 as a week-long holiday surrounding July 4. Live concert tickets, camping supplies, paddle boards, kayaks, binoculars, grills, and bicycles are some of the larger ticket items included in the holiday. Of note also - annual or season passes for museums, theater series, ballet, and state parks. Pool supplies and parts were added in 2022. And in 2023 - children's athletic equipment under $100 and toys under $75. The sales tax holiday for 2023 was extended from the week of July 4 to the entire summer. Sales tax exemptions run from May 29 - September 4, 2023. The complete list for events, tickets and supplies is here: https://floridarevenue.com/taxes/tips/Documents/TIP_23A01-03.pdf Enjoy saving 6% - 7% this summer!
Unless the RMD is a significantly large amount, any financial strategy involving the "best" timing of it is purely a guess. Rather than viewing it as a financial task, it's possible to turn it into a memorable or even fun opportunity.