OUR VALUES

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.

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PROFESSIONALISM

Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.

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RESPONSIVENESS

Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies.

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IRAs: Frequently Asked Questions

IRAs: Frequently Asked Questions


When should I use a rollover to my IRA?

That depends on your particular needs and circumstances. Here are some reasons you might want to roll over distributions to your IRA:

  1. You want to, or have to, take a distribution from your employer's plan and want these funds to continue to grow tax-free in your own IRA.

  2. As a self-employed individual, you are terminating your Keogh plan or retiring from business and want to continue the tax shelter for these distributions.

  3. You are the beneficiary of a deceased person's retirement plan and want to continue the tax shelter for these distributions in your own IRA.

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Is there a downside to an IRA rollover?

Here are some of the disadvantages of an IRA rollover:

  1. Rollovers from company or Keogh plans may take away your spouse's right to share in plan assets.

  2. IRAs can't claim the limited tax relief allowed on lump-sum distributions.

To avoid tax hassles, rollovers should be done between the trustees of the plans involved. In other words, the check should not be made out to you personally, but to the trustee of the rollover account.

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Roanoke Rapids, NC Tax Consulting, Mark's Tax Consulting

Mark's Tax Consulting | 1101 W. 8th St, Roanoke Rapids, NC 27870 | Phone: (520) 909-1286 | Fax: (252) 410-5326 | mark@marktaxconsultant.com