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Show Vernal Express Wednesday, Octsber 17, 2001 9 Financial Focus How to move your 401 (Hi) to am MRA submitted by Steven S. Hoft, Edward Jones When the day comes for you to change jobs, you may have to decide what tado with your 401(1). By mating the right choice, you can save yourself hassles, aggravation and money. You actually have several options for dealing with your 401(k). You could, of course, cash it out, but you'd have to pay income taxes on the proceeds, plus a possible 10 percent per-cent early withdrawal penalty. You also may be able to move your 401(k) money to your new employer's employ-er's plan, if the plan allows it. Or, you may even be able to keep your money in your former employer's plan, although you won't be able to make any more contributions. However, if you're like most people, peo-ple, you'll move your 401(k) funds to an IRA. In that case, you'll have to decide bow you want to make the move: via an "indirect rollover" or a "direct rollover." If you go the indirect rollover route, you'll receive your 401(k) money in a check, made out to you. To avoid paying any taxes and penalties, you must move these funds to an IRA within 60 days of getting the check. So far. so good. But the check you get for your 401(k) will be for only 80 percent of your account balance. The IRS takes the other 20 percent to cover any possible income taxes you may owe on your distribution. And you must dip into your savings to come up with the missing 20 per- 1786 S. 1500 E. in Naples W5)7$9-225 m mmf pay 4 (fraud New Workshops! ' Call for costs availability V. ... PortMbsOor. Erfcj b TKs Crcjot (to Vcrkthc? Pay, FitOmiOOlS-RcVeAFREECift! sGnsononcL fly 1 d (So we See uk Mew EpdildingS COIL ROOFING NAILS reg. $33.99 Now $28.99 A Box (while quantities last) GREAT SAVINGS! All USG Joint Compound Products Hot Dogs Hamburgers Drinks AMCRAFT VINYL SIDING . reg. $53.99 . Now $48.99Square GAF Architectural Shingles $37.99Square 1 ! . , r r nunzQn rami starting at o.ifOD uai. kJ VERNAL BUILDERS SUPPLY ' 1190 E. 135 S. ' Vernal, UT 84078 cent to complete the rollover within 60 days. If you don't, die 20 percent per-cent will be taxable to you. And if you're younger than 59-12, you ' also may have to pay the 10 percent carry withdrawal penalty. If you do pay the 20 percent yourself, your-self, you wQ get it back as a refund, as long as you owe no additional income taxes for the year. But in the meantime, you've been greatly inconvenienced. You can avoid these problems by selecting the "direct rollover" method of moving your 401(k) money to an IRA. When you close your 401(k), nothing will be withheld, with-held, so you won't have to worry about paying taxes or raiding your other investments to come up with the missing 20 percent In fact, with a direct rollover, you'll never see your 401(k) money; k moves from your old plan to your IRA. Yon also can choose to move the money to a separate IRA. called a "rollover IRA." If you have money in a rollover IRA. you can eventually eventual-ly transfer it to a new employer's 401(k) plan, if the new plan accepts funds from previous plans. But if you place your old 401(k) money in a pre existing IRA. you'll never be able to put these 401(k) funds in a new employer's plan. Before making any moves with your 40 l(kX see your tax adviser and then take action. The window of opportunity for making the right moves is only open for a short while so go through it while you can. Hoilis Haws (Air Force, Vietnam), George Long (WWII, Army. Infantry). Richard Horton (WWII Marine). Virgi McMickel (Korea, Army) and Duane Hafl (Korea, Air Force) donate groceries to the food pantry. VFW donates food Members of VFW Post 5560. under the leadership of Duane Hall, donated more than 600 pounds of groceries to the Vernal Food Pantry this week. The funds used to purchase pur-chase the food came from Meriene Hall's craft show held on the Court House lawn during Rodeo Week. Each year Mrs. Hall donates all proceeds from the show to the VFW to use in their phiknthropic projects throughout the year. Duane Hall said the presence of a food pantry is evidence that there are hungry people in the area. He and the other members of the VFW want to help solve that problem. x-i r, ii i r Vtlrg FOR A MORI RESPONSIBLE COUNTY . GOVERNMENT THAT REPRESENTS YOU Dear Friends and Neighbors, Everyone agrees we need a better form of county government. It takes wisdom to know.the time for change is now! Be courageous and join us in Voting FOR a -, .- : new county government! Thanks, A Few of the Initiative Supporters mi Abcgglen, Jim Adams, Alicia Adams, Jim Allen, Cali Jean Allen, Christopher Alien, James F. M.D. Allen, Jill Allied, Glade C Anderson, Crystal O. Anderson, Devin Anderson, Rodney S. M.D. Anderson, Stanley A. Anderson, Terri Arnold, Laura B. M.D. Augustus, Kreg Baden, Wesley Bambrough, Dee Bambrough, Shelly Bascom, La von Bell, Casey Bell, Richard Bemis, Helen Bemis, Robin E. Bostick-Ebbert, Nancy Bouvang, Michelle Bouy, Dallas Bowden, Sheri . Bowden, Zan D. Brady, Jon Scott Breitenbach, Karl L M.D. Breitenbach, Paula Bullock, Brad Christiansen, David Christiansen, Kelly Christiansen, Kris Christopherson, Teena Clark, Bert Clark, Betty Clark, Billy Cowan, JoAnn Curry, William Daniel, Bruce M.D. Daniel, Shellie Davis, Mike DeGraw, Kim DeGraw, Vint Durant, Brenda Durant, William M.D. Elder, Tom Exton, Brad Exton, Vini Foley, Mark Funk, Brad Funk, Stacey Garcia, Jared Garcia, Sage Gardner, Margie Goddard, Doris J. Goddard, M. David Goddard, Michael D. Goodman, Jill Gordon, Stanley J. Go rum, Brian Graham, Roger Gray, Alene Gray, Casey Gray, Jackie Gray, Jim Green, Rick Hacking, Holly Hacking, Paul Hale, Cleve Hale, Karen HalLLana Hallmark, Richard Hamaker, Lee Hampton, Evelyn Hancock, Cindy Hansen, Annette Harding, Frances . Harding, John Harrison, Vantta Hascal, Jerry Hatch, Mark Hatch, Sarah Hatch, Sue Hawkins, Mike Heaton, Charlotte Heaton, Dora Heaton, Garth Heaton, Orlande D. Heaton, Orlando Hills, Loran Howell, Daniel R. Hughes, Denise Hughes, Jon W.M.D. Hyun, B. Richard M.D. Jones, Kim M.D. Karlsson, Hans G. M.D. Keller, Harold Keller, Lauri Kitchen, Amanda Kitchen, Gordon Koerner, Darlene Kremin, William J. Jr. Kulesza, Bert Kulesza, Marcia Lance, Jennifer Leyba, Jayme Leyba, Liesl Long, Andy Long, Dennis Long, Marilyn Mansfield, Alyse Mansfield, Wynn Mashburn, Alan Mashburn, Kathy Mathis, John McClellan, Brad McClellan, Gary McDonald, Jon McMullin, Tracy Montgomery, James "Moon, Sara Morris-OIdroyd, Tcrie Mott, Barbara M. Mullins, Kirk Mullins, Yvonne Myers, Rick Ohler, Brian O'Kelly, Erin Olson, David Parker, Stuart Patoine, Terri Pedersen, Brenda Pedersen, Jim Pehacek, Brett Pehacek, Toyna Perry, Connie Perry, David M.D. Perry, Ronald J. Perry, Russell C. Pierce, Beverly Popham, David P recce, Bruce Preece, Don Preece, Peggy Preece, ShayLynn Raymond, Mark D. Reynolds, Billie Reynolds, Cal Dee Reynolds, Kelly Reynolds, Shawny Rimer, Clayton Robinson, Brian C. Robinson, Tasha J. Rooney, Steve Ross, Gib Ross, Kent Ross, Lori Schillie, Eric Schillie, Laurel Seager.TR. M.D. Scitz, Gordon Seitx, Neldon Simmons, Beth Simmons, Bob Simmons, Farrell Simmons, Gary Simmons, Helen Simmons, Leslie Simmons, Richard Simmons, Rossa Simmons, Sue Simper, Terry Sizemore, Kenton M.D. Smith, Mary Beth Smith, Megan Smith, Terry Sowards, Ken Stewart, Sandra Sticht, Tom Sricht, Monique Strony, Trina Struthers, Kevin Sunkees, Andy Sunkees, Jamie Sweeney, Tim Tait, Louise Terrell, Ann Tesar, Cathy Tesar, Tod Thorne, Barb Trotter, Donna Vk Iters, Howard Vickrey, Scott Wallentine, Ken Wallentinc, Janet Wallis, Steven R, Wallis, Jack R. Wallis, Janet Weaver, Shawna Wilcken, Larry M.D. Wilding, Chris Wilhelm, Tom Wilkins, Delora Williams, Barton Williams, Tomi Wilson, Chris Wilson, Lorraine L Workman, Jill Young, Aaron Young, Burk M.D. Young, Stefhi Jo Zobeli.Jeff Zurbuchen, Ed AND MANY, MANY MORE! And many others who support the cause, but fear repercussions! I If you would like to add your name to this list please I call Dr. Rod Anderson office at 789-1 165 or send this L ?uonto P.OJBox 70LVemdLUT 84079 Name Signature. Uintah County Resident. Paid for by Citizens for a Better Form of Government and their growing number of supporters. 5! '3 t ! At. I 3i f W 5 if -3 I I I Nl PTQo ojJ mm |