Newspaper Page Text
PAGE 12A
, FORSYTH COUNTY NEWS Sunday, February 15,18 W
The Roth IRA: Answers to some of
your most frequently asked questions
All IRAs allow annual contribu
tions and tax-deferred growth.
However, complexities arise with
respect to who can establish these
accounts, as well as the tax implica
tions of distributions. The Roth
IRA, created by the Taxpayer Relief
Act of 1997, has many investors
asking about its potential tax and
retirement planning benefits. Here
are some answers to the most fre
quently asked questions.
What is the Roth ERA?
As a savings alternative to the tra
ditional IRA, the Roth IRA provides
the opportunity to invest your after
tax dollars, benefits from tax
deferred growth and, most impor
tantly, receive tax-free distributions
at retirement. This IRA also gives
investors greater flexibility to use
their retirement assets to help fund
intermediate- to long-term goals,
such as first-time homeownership
and higher education, as well as a
comfortable retirement.
Who is eligible to open a Roth
IRA?
Eligibility to contribute to a Roth
ERA depends solely upon your level
of earned income or that of your
spouse. If your adjusted gross
income (AGI) is below $95,000
(single) or $150,000 (joint), you
may make a full annual contribution
to a Roth IRA of up to $2,000 or
100 percent of income, whichever is
less. Partial contributions are per
mitted for singles whose AGI is
between $95,000 and SIIO,OOO and
married couples whose AGI is
between $150,000 and $160,000.
Two major pluses: There is no age
limit on who can contribute to a
Roth IRA, and participation in an
employer-sponsored retirement plan
LASER SURGERY FOR LIP CREASES,
FACIAL WRINKLES, SPIDER VEINS
• Skin Cancer • Skin Diseases • Leg Vein Injections
• Chemical Peels • Collagen Injection
• Mole Removal • Rashes • Alpha Hydroxy Acid Treatment • Acne
ATLANTA CENTER FOR
DERMATOLOGIC DISEASES, P.O.
MICHAEL S. FISHER, MD LESLIE C. GRAY, MD
GILBERT C. GOLDMAN, MD ARUN L. PATHY, MD
DAVID J. LEVINE, MD BARBRA ROSING, PA-C
JUDITH L. SILVERSTEIN, MD
CERTIFIED BY THE AMERICAN BOARD OF DERMATOLOGY
LOCATED IN CUMMING (near Courthouse) 210 Dahlonega St., Suite 104
For appointment, call 770-844*1902
Open Mondays and Thursdays 8:30-5:30
. .
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Reward Yourself
With An Equity Asset Line
CAn a bank turn your back yard into a tropical paradise?
■
It can if its Regions Bank. Because Regions offers EQUITY ASSETLINE, secured by the
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equity in your home. And that means the interest may be tax-deductible.*
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This line of credit allows you the flexibility to spend the money whenever and
however you choose. We offer NO CLOSING COSTS* and NO ANNUAL
FEE for die first year.* We’ll even give you a 1% REBATE on transferred loan
*
balances. And this loan is as easy to use as writing a check for SIOO or as much
as your limit. Jr So whether you need money for a swimming pool or for
your children’s college education, an Introductory Rate * Standard Rate
Equity Asset Line can help turn your
dreams into reality. “** fHF ™ T MX Mown<s *”** “ x M<lwn ”
A Regions Bank
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Apply Today At Your Local Regions Bank. www.ngioiubank.coin
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has no impact on contributions to a
Roth ERA.
Are contributions to a Roth IRA
tax deductible?
No. All contributions to a Roth
IRA are nondeductible, regardless
of income.
How are distributions from a
Roth ERA taxed?
One of the great benefits of a Roth
IRA is that your funds are not tied
up, since you may withdraw your
contributions at any time without tax
or penalty. Withdrawals of accumu
lated earnings on your Roth IRA
contributions are tax-free and penal
ty-free if held for five years or more
and any one of the following
applies:
• over age 59-1/2
• used for first-time homeowner
ship (SIO,OOO lifetime limit)
• disability
• distributed to beneficiaries upon
IRA holder’s death
Ordinary income taxes are due
when:
• one of the above situations occur,
but the account is open less than five
years
• used for qualified higher educa
tion expenses incurred by the IRA
holder or an immediate family
member,
• used for medical expenses
exceeding 7.5 percent of AGI used
for health insurance after receiving
unemployment compensation for
more than 12 weeks
Ordinary income taxes and a 10
percent penalty are due when accu
mulated earnings are withdrawn for
any other reason.
What happens when you convert
a TYaditional IRA to a Roth IRA?
Income and tax considerations
Joe I||L
Poirot
___•
arise when converting a current tra
ditional IRA to a Roth IRA. First,
your AGI must be SIOO,OOO or less
(filing jointly or singly) to be eligi
ble for a conversion. If you are mar
ried, you must file jointly. Second,
the taxable amount of the converted
funds (from earnings and deductible
contributions) is subject only to
ordinary income taxes upon conver
sion. The taxes for conversion made
in 1998 will be spread over four
years. Converted funds must remain
in the Roth IRA for five years from
the conversion to receive the favor
able tax treatment on distributions.
Any distributions from a Roth
Conversion IRA before the five-year
period will be subject to a 10 per
cent penalty if under age 59 1/2.
Which IRA is right for you and
your family? In order to find out if a
Roth ERA makes sense for you, con
tact your tax or financial advisor and
request a comparison between a
Roth and a traditional IRA and the
effects of a conversion using your
specific IRA balance and tax situa
tion.
Smith Barney does not provide tax
or legal advice. Please consult a tax
professional for such guidance. You
should also check with your tax
advisor on state and local tax issues
regarding IRA distributions and
conversion.
CUMMING
' 770-844-1902
210 Dahlonega St, Suite 104
JOHNSON FERRY
404-252-4333
993 D Johnson Ferry Suite 100
ROSWELL
'770-751-1133
1240 Upper Hembre Rd. Ste. D
ALPHARETTA
770664-5225
3400 A Old Milton Pkwy. Ste. 320
JASPER
706-692-9016
1301 Church St
DAHLONEGA
706-864-6136 Ext 501
1111 Mountain Dr.
BUSINESS
Business notes
Starting a Business
seminar offered
“Starting Your Own Business”
is an afternoon seminar being
offered on Thursday, Feb. 19,
from 1 to 3 p.m. at North
Georgia Tech at the Carlton
Canter classroom, Hwy. 197,
Clarkesville. Advance registra
tion $25; late registration at sem
inar S3O if space is available.
North Georgia Tech students
admitted free of charge. This
seminar contains pre-venture
information on the basics of
starting and maintaining a new
business. A “How To Start
Manual” is included in this
course.
This seminar is being co-spon
sored by The University of
Georgia Business Outreach
Services/Small Business
Development Center and North
Georgia Tech Continuing
Education Program.
This course is designed primar
ily for persons who are consider
ing starting a new business, it
presents information of value to
a prospective entrepreneur and
includes an overview of legal,
marketing, and financial consid
erations and composition of a
useful business plan.
All SBDC Programs are
nondiscriminatory. Special
arrangements for individuals
with disabilities will be made if
requested 24 hours in advance.
To register for this seminar or get
further information call Stan
Hefner at North Georgia Tech in
Clarkesville (706) 7547716 or
Betty Stephens at The University
* NECKPAINS • HEADACHES • LEG PAIN • LOWER BACK PAIN * HERNIATED DISC,
A SPECIAL INVITATION TO
AREA RESIDENTS
| Effective Through March 29th. «• i
|■ A Preliminary Consultation |F~ j'
I
M | g An Orthopedic and Neurological nr I,
Spinal Exam For
Br jj ■ Spinal X-rays, if necessary Chiropractic ,L
W |■ A Report of Findings Exam Including |
oBBIFF | Any further treatments shall be agreed upon and signed
■ uW tHP 1 * | by both parties. | ■
KJLgA Lakeland Plaza, Cumming, GA
■S3 781-9050
"
11 11 11 ■■■ 11 1 r 1
*x
March of Dimes started
\ off as a plea from
President MMMMBMBII'wi Tlfti fl|
I Roosevelt for
dimes to fund the
research to find | B
k cure for polio. K
Throughout the following decades
March of Dimes researchers diagnosed m ■
birth defects, linked alcohol consumption |u fl
with Fetal Alcohol Syndrome and devel- n #
oped treatments for premature babies ■ -fl
among other developments.
In the 1990 s March Os Dimes researchers Angela Martin experienced trouble when she was pregnant I
identified genes and proteins that contribute with her twins who weighed one and two pounds when they
to debilitating diseases in babies. They also bom. She thanked the March of Dimes for helping her
found a cure for persistent pulmonary babies, Edwin & Emily Martin, grow up healthy.
hypertension. But there is still more work
todo. R
County businesses and groups are continu- ?V S,
ing the fight for healthier babies with Cq Bf>C *
Walk America Sat. April 18 at Forsyth •
Central High School. This year’s goal is 1K »W
$100,000! [ ) JlffFHI
The March of Dimes funds programs and ——
services that make a difference in all of our Walk Day: Sat., April 18, 1998
lives, so come out and take a walk in your Where: Forsyth Central High
community on April 18th for a good cause. School I
Time: Registration and team
March of Dimes* pictures at B:3OAM
Wsl kAmeriicea e Walk surts promptiy &t 9: °° am
For more Information call ■
Natalie Gunter at 887-6148
of Georgia in Gainesville (770)
531-5681.
Learn about
selling skills for
the industrial
marketplace
“Selling Skills for the Industrial
Marketplace” is a one day semi
nar being offered on Tuesday,
Feb. 24, from 8:30 a.m. until 3
p.m. at the University of Georgia
Business Outreach Services
Small Business Development
Center Office (inside Gainesville
Bank and Trust Bank Building)
500 Jesse Jewell Pkwy.,
Gainesville. Pre-registration and
advance payment of $59 is
requested due to limited seating.
Late registration at the seminar is
$69 if space is available.
The class is designed for indi
viduals who are engaged in sell
ing activities at the wholesale or
the industrial account level.
Topics to be covered include
prospecting, time and territory
management, closing the sale,
and effective follow up.
This seminar is sponsored by
The University of Georgia
Business Outreach Services
Small Business Development
Center and is developed in coop
eration with the U. S. Small
Business Administration..
All SBDC programs are nondis
criminatory. Special arrange
ments for individuals with dis
abilities will be made if request
ed 24 hours in advance; To regis
ter or for more information, call
Betty Stephens at The University
of Georgia Business Outredch
Services Office in Gainesville''at
(770) 5315681. Space is limited,
so register early.
Find out how to
get a business loan
. “How to get a Loan for Your
Business” is an evening semnjar
being offered on Thursday, Feb.
19, from 6:30 to 8:30 p.m.\at
West Hall High School, 5500
McEver Road, Oakwoop.
Advance registration $25 dnd
late registration at the semiiiar
S3O if space is available. This
program will instruct you on hbw
to obtain financing from banks,
the small business administration
and other sources.
Specific items to be covered
are: What is expected of ybu
when you apply for loans from
the SBA; loan application prepa
rations, collateral, organizing
financial statements and how’ to
increase your chances of loan
approval.
This seminar is co-sponsortd
by the Hall County Community
Education Program and the
University of Georgia
Business” Development Center.
All SBDC Program, are nondis
criminatory.” Special arrange
ments for individual with disabil
ities will be made if requested 24
hours in advance. To register for
this seminar or get further infor
mation contact Larry Loggiri. at
West Hall High school (770)
967-4868 or Betty Stephens at
the University of Georgia Small
Business Development Center in
Gainesville (770) 531-5681. \