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Show The Park Record 0 Section D Thursday, July 27, 1995 U Page D5 Make the most of your IRA rollovers Many people who are retiring or changing jobs are transferring their accumulated company retirement-plan benefits in a lump sum into a "rollover" individual retirement account (IRA). This offer the advantage of further delaying taxation of the funds, and FINANCIAL LANNING ERSPECTIVES in many cases it gives the person more investment and distribution control than under, .the company retirement plan. But for all the benefits of a rollover IRA. many people arc confused or misinformed about how best to take their money out later to pay for retirement. As with any type of IRA, distributions from a rollover IRA before age 59 12 may be subject not only to income tax but a 10 percent early withdrawal penalty tax. Consequently, most people postpone their IRA distributions, often until they're required to begin minimum distributions at age 70 12. Failure to take out at least the minimum could result in a 50 percent penalty on the additional amount that should have been taken out. (You do not have to take out all your IRA funds at once only a minimum amount each year based on the account owner(s)' life expectancy.) Such delay is the best choice in many cases, since the money has longer to build up tax-deferred in the IRA. However, this isn't Utah communities awarded fire protection grants Directors of Utah's Rural Community Fire Protection program (RCFP) and the Utah Fire and Rescue Academy recently announced that 62 Utah communities will be awarded grants totaling $111,000 to assist in upgrading their fire protection capabilities. According to State Forester Art DuFault. "These grants are intended to assist communities in improving the organization, training and equipment of their respective fire departments." DuFault also noted that, "special emphasis in ACCOUNTANT Creative Accounting 649-4083 Suzanne Davis, B.S. Accting M.A. Bus. Admin. Cynthia T. Sanderson, C.P.A., B.A. Accting Karen Schuss, B.A. Accting Brena Herteux, Bookkeeping Personalized tax planning and preparation since 1980 -individuals, corp, and partnerships. partner-ships. Complete bookkeeping service. ser-vice. Specializing in trusts and estates. Full-time tax research staff providing year-round tax advice. 613 Main St., Suite 301 ACUPRESSURE Brant C.V. Keany, LMT 655-8144, 281-0555 (SLC) Jin Shin Jyutsu Means - "Now know (help) myself". APPRAISALS Real Estate Appraisal Services 649-1100 Commercial Land Condominiums Homes William J. Kranstover State Certified General Appraiser AUTOMOTIVE Maedel's Sale& Service 649-9802 Your full-service body shop. Free towing if we fix it. Insurance claims welcome. Est. 1947 Hours: 8-5 Mon.-Fri. After hours estimates available by appointment. 4117 W. Kilby Rd. (Across 1-80 from Jeremy Ranch) COMPUTER SERVICES At Home With Computers 649-8542 John Champion In home service to install and teach home computer usage. Families and small businesses. 24 years IBM experience. Back On-Llne Computer Installation & Repair Upgrades 783-4524 On site or in shop service. PC or business, IBM or compatible. Competitive prices, quality work. always the best approach. Certified Financial Planner professionals sometimes recommend that people begin withdrawals sooner. Here's why: For people in their sixties who have substantial IRA accounts but moderate current income, it may be wiser from a tax standpoint to withdraw some of the funds before age 70 12 and have them taxed at a lower federal rate. Leaving the funds untouched until the . required withdrawal age could push the distributions into a higher tax bracket. State income taxes can be a factor, too. New York, for example, a high income-tax state, exempts the first $20,000 worth of IRA withdrawals made after age 59 12. It may make sense to take advantage of this tax break as soon as possible. Of course, if you're planning to retire in a state with a lower tax rate, it may make more sense to wait until you've established your new residence before making withdrawals. (Caution: some states will tax your IRA withdrawals, even if you've moved away, if you funded the IRA while living in that state.) High-income individuals may want to begin withdrawing before age 70 12 because of the 15 percent excise tax, known as the "success" tax. Anyone who takes out more than $150,000 total from his or her tax-deferred plans in a single year or has an excess amount in the plans at death pays a 15 percent penalty tax on the excess amount. By starting withdrawals in their sixties, high-income high-income taxpayers may be able to keep their distributions below the awarding these funds is placed on fire-related training and provision of personal protective equipment for individual firefighters." Steve Lutz. director of the Utah Fire & Rescue Academy, explained that because the objectives of the older RCFP program were nearly identical to those of his organization, the two groups have joined forces in soliciting projects and allocating funds. Lutz also emphasized that in order for a community or fire department to be eligible for this program, all fire department Aspen Therapy Center Park City 647-0555 Heber City 654-4230 Provides quality individual, child, marital, and group therapy. Multi-disciplinary Multi-disciplinary team, psychiatric backup support, 24 hour crisis availability. Evening and weekend appointments available. Val Dan MacMurray, Ph.D., MFT Carol Buell, LCSW Barbara Wheeler, DSW, LCSW T. Lee Burnham, Ph.D. Bear Hollow Psychotherapy Institute 647-2911 Child adolescent, adult, and family therapy. Substance abuse services, ser-vices, and medictaion management. manage-ment. Rita Borgs Baden LCSW Jeffrey Jenkins, MD David W. Schroeder, PhD. Laura F. Schroeder, LCSW John R. Taylor, PhD. 24 hour crisis availability. Flexible appointment hours. Counseling Institute 649-2426 1725 Bonanza Drive Assisting families and individuals with confidentiality and professionalism professional-ism since 1982. Marriage, individual, family and group therapy. Day, evening, weekend appointments available. 24-hour crisis intervention. Fee based on ability to pay. Counseling Institute Cont'd A United Way agency. Lynn C. Maynes, Ph.D., MFT Dan Greene, L.C.S.W. Linda Barbour, Ph.D. Nancy Pollard Dowie, LCSW A Private Practice In Psychotherapy 649-7600 A unique therapeutic approach that gets to the heart of issues. Short term therapy working towards long term results. All sessions strictly strict-ly confidential. COUNSELING SERVICES 15 percent tax threshold. You can choose to wait until as late as April 1 of the year following the year you turn 70 12 before you begin minimum withdrawals. Again, delay would seem the smart investment approach. But be aware that you'll have to make two withdrawals that year: by April 1 for the previous year and a second withdrawal by December 31 for the current year. Two withdrawals in the same year could push you into a higher tax bracket, raise the amount of Social Security benefits subject to tax, and kick in the 15 percent excise tax. While it's usually advisable to leave your IRA along until retirement, you may need to withdraw money before age 50 12 to pay for college tuition or other major expenses. The 10 percent early withdrawal penalty tax (but not the income tax) can be avoided by making approximately equal annual withdrawals based on the IRA owner's expected lifetime. These equal payments must continue at least until after 59 12 and for a minimum of five years. Then you can vary the amount of your withdrawals or stop all together until age 70 12. This column is produced by the Institute of Certified Financial Planners, a national association representing the top financial planners in the country, and is provided by Daniel Smith, CFP. a local member in good standing and president of the Utah Society of the ICFP. For a list of CFP professionals in your area, call toll free 1-800-282-PLAN (7526). personnel must be registered at the Firefighter I level or be working toward this goal. Applicants must also use the Utah Uniform Fire Incident Reporting System (UFIRS) and make all related reports available to the Fire Marshal's Office. DuFault congratulated this year's successful community applicants and complimented the cooperating agencies for "helping fire personnel to do their jobs in a safer and more cost effective manner. COUNSELING SERVICES Valley Mental Health 649-8347 Mental Health, Substance Abuse, and Prevention Services Full range of outpatient services available by licensed professionals, profession-als, including, individual, family and group treatment. Medication management and psychiatric psy-chiatric support services. Educational classes and resource library. Sliding fee scale. 1753 Sidewinder Drive DRY CLEANING Plaza Dry Cleaners 649-6664 Hours: M-F 6:30 a.m.-6:30 pm. Sat., 9 a.m. -5 p.m. Dry Cleaning, Shirt Laundry, Alterations, One-day Service 1890 Bonanza Drive HYPNOSIS Rose Mary Kelley, CHT Certified Hypnotherapists. By appointment 649-6640 Stress reduction, self hypnosis, performance enhancement and stop smoking program. Teresa L. Nelson.LCSW 647-0497 Weight losscontrol, pain management manage-ment for physical injuries, improve athleticacademiccareer performance, perfor-mance, stressanxiety reduction, stop smoking, etc. INSURANCE State Farm Insurance 649-3332 Tom Ligare, Agent Auto, life, fire, health 1662 Bonanza Drive (next to Park Record Bldg.) Farmers Insurance Group Blake Jones, Agent 278-9806, 649-8587 3950 South 2300 E..SLC Property and casualty, Life Judy Kimball Hanley, Agent 649-8656 Fire, life, commercial, auto. Holiday Village Mall Mekmoy Tmjwel A WORLD OF POSSIBILITIES MELROY TRAVEL can offer the intellectually curious traveler a thoughtful and adventurous way of experiencing the world. S V E INSURANCE Lou Bigler & Associates Independent Agent 1-8V307-3823Fax 1- 801-521-3926 27 Years of Insurance Experience Auto Homeowner Health Commercial INVESTMENTS Zions Investment Securities, Inc. 647-0043 Daniel A. Smith, CFP Certified Financial Planner Registered Investment Advisor -Stocks, Bonds (Taxable & Tax-Free), Tax-Free), Mutual Funds, Annuities -Retirement Plans Park Avenue (Old "Rio Grande" Building) Park City A subsidiary of Zions First National Bank Investment products offered: 'are not deposits of, guaranteed by or underwritten under-written by Zions Bank, Zions Bancorporation, Nevada State Bank, National Bank ot Arizona or any other bank. "are not guaranteed by the FDIC or any government gov-ernment agency. "are subject to investment risk, including the possible loss of the principal invested. MEDIATION SERVICES The Counseling Center Mediation Conducted By: Lynn C. Maynes, Ph.D. Executive Director Divorce, Child Custody, Family Conflict. Sliding Fee Scale. 649-2426 MASSAGE THERAPY Summit Sports Medicine Physical Therapy 649-3913 1255 Ironhorse Drive Ellen Barton, LMT Pamela Green, LMTNMT Annie Seymour, LMT Inside Edge, Inc. 645-4058 Ethical, professional therapeutic massage for reduced tensionpain and overall wellness. N O L O F L 1 N SPECIALEXPEDITIONS WHALE WATCHING IN DA J A CALIFORNIA MEXICO'S COFFER CANYON & THE SEA OF CORTEZ NATURE RESERVES IN COSTA RICA AND PANAMA EGYPT ABOARD A DELUXE 30 PASSENGER YACHT SWEDEN'S PRISTINE ARCHIPELAGO ALASKA BY 70 PASSENGER EXPEDITION SHIP DARWIN'S GALAPAGOS ISLANDS 2000 MILES UP THE AMAZON SAILING ABOARD THE MAJESTIC SEA CLOUD IN THE CARIBBEAN MEDITERRANEAN RIVERBOATING THROUGH EUROPE IMAGES OF INDIA and more... 1-600-344-5946 Melroy Travel 4434 Highland Drive Salt Lake City API Member The Natiorfi Premier Travel Agencies " MEDICAL DOCTORS OB-GYN Associates, Inc. 645-9866 1776 Park Avenue Carl Woolsey, Jr., MD Frank B. Harding, MD Jeffrey D. Quinn, MD James T. Roth, MD Tina HedinGoldsmith,RN,MS,FHP Peggy Allen,RNC,MS,NP Specialists in adolescent and adult women's health care providing obstetric, gynecologic, surgical, infertility and family planning. Physicians on-call 24 hours. Female provider option Salt Lake Office: 1151 E. 3900 S. B299 Park City Physicians Group 645-9866 Medical specialists offering Park City and surrounding communities convenient, con-venient, accessible patient care services ser-vices including: Pediatrics, Internal Medicine, OBGYN, Orthopedics, Dermatology and Ophthalmology. Open for appointments Monday -Friday 9am - 5pm, Saturday (Pediatrics only), Sunday appointments appoint-ments available. 1776 Park Avenue Orthopedic & Sports Medicine Center 649-KNEE(5633) Specialists in Sports Medicine, John R. Merendino, MD Orthopedic Arthroscopy Mark Hopkins, MD General Orthopedic Surgeon By appointment. Specializing in athletic and sports injuries. Edgar C. Goldston, MD Musculo Skeletal & Spinal Medicine Monday- Friday 9:00 - 5:00 1260 Ironhorse Drive Suite 2 Park City Family Health and Emergency Center 649-7640 Adult and Pediatric Medical Care, Family Planning, Medical Emergencies, and Trauma. Diplomates, American Board of Family Practice Robert W. Barnett, MD Cress R. Bohnn, MD Jamie Broomfield, MD Robert J. Evers, MD Pam Farmer, MD John Hanrahan, MD Diplomates, American Board of Pediatrics Robert T. Winn, MD D B L A D MEDICAL DOCTORS Family Nurse-Practitioner R. Herbert Lepley, FNP Kathleen Witham, FNP Certified in Sports Medicine Dr. Robert J. Evers Dr. Cress Bohnn HCA St. Mark's Physician Referral Service 645-7772 Next time you need to find a doctor, doc-tor, find out about services and classes, or just need a resource for your health care call us. It's your direct link to over 300 physicians physi-cians on our staff. It's fast, convenient conve-nient and best of all, free. Duane Townsend.M.D. F.A.C.O.G. (801)321-2251 700 Bitner Rd, Park City Gynecology, Alternatives to hys terectomy, menopause, uterine bleeding, abnormal Pap smears David H. Jaramillo D.P.M Podiatry 649-1017 Specializing in medical and surgical surgi-cal treatment of any disorder of the foot and ankle. PHYSICAL THERAPY Summit Sports Medicine Physical Therapy 649-3913 Marc Larson, P.T. Megan Williams, OT,RL,CHT Certified hand therapist Knee Rehabilitation Back and Neck Therapy Personal Training Conditioning Memberships Massage Therapy Open Mon.-Fri. 6 am. to 7 pm. Saturday 8 am to 7 pm 1255 Ironhorse Drive Performance Physical Therapy 647-5955 Peter Dickinson, M.S. P.T. Laurie Savage, P.T. Specializing in personalized care of your injury. U.S. Ski Team Physical Therapist. 1910 Prospector Ave. Located in the Chamber Bureau Bldg. |
