McCurry’s
Financial Focus
Heavy Truck Repair
New year means new roth IRA
Specializing in: Brakes • Clutches • Drivetrain • Suspension
Preventive Maintenance • Engine and Transmission Repair •
Air Hydraulic Service • Heat and Air Conditioning
conversion opportunities
We also repair automobiles and pickups
- Gas
OR
Diesel -
We now do in-house walking beam bushing repair.
If you already have a Roth tax deferred — and, all things be- when you convert to a Roth IRA.
Take beams out, press in new bushings,
IRA, you’re aware of its biggest ing equal, tax free would indeed A conversion is usually reported
and re-install beam. Same day service.
benefit: Your earnings grow tax be better. However, it’s not quite as income for the tax year the
Competitive pricing.
free, provided you meet certain that simple. If you convert your conversion takes place. However,
conditions. If you don’t have a traditional IRA to a Roth IRA, in 2010 only, your conversion
Keith McCurry -Owner
828-658-1070
Roth IRA, you may want to con- you’ll have to pay taxes on those amount will be split and reported
51 Ray Hollar Road sider one — and it may be easier traditional IRA earnings and as income for tax years 2011 and
Weaverville, NC 28787 Mobile 828-230-7326 for you to do just that in 2010. contributions that had previously 2012 unless you elect to report
B e fore we g e t to t he re a s on s w hy gone untaxed. If you do convert, the entire conversion amount on
2010 may be your year to open you’ll be better off if you use your 2010 taxes. You may find
or convert to a Roth IRA, let’s money held outside your IRA to that spreading the taxes over two
Your retirement SavingS maY Benefit
look at some differences between pay the taxes. If you simply take years can make the conversion
Roth and traditional IRAs. If money from your IRA, you’ll ob- more affordable.
f rom new 2010 tax Law ChangeS.
you own a traditional IRA, your viously lower the value of your In any case, consult with your
contributions may be tax-deduct- IRA — and, if you’re under 59½, tax advisor before converting
If you’re looking for tax-free opportunities for retirement,
ible, depending on your income you may have to pay an addition- from a traditional IRA to a Roth.
now is a great time to talk because tax law changes have
level. But whether you can make al 10% penalty on the amount If done correctly, such a conver-
deductible contributions or not, you withdraw to pay the taxes. sion can potentially make a big
created new reasons to consider converting to a Roth
your earnings grow on a tax-de- In the past, many investors difference in your ultimate re-
IRA, including:
ferred basis, which means your have been prohibited from con- tirement lifestyle.
money can grow faster than it verting their IRAs due to either
❚❚ No income limit on conversions
would if it were placed in an in- their tax filing status or their in- This article was written by Ed-
❚❚ Ability to split your conversion amount equally and
vestment on which you paid tax- come. Under previous rules, you ward Jones for use by Bill Bough-
es every year. On the other hand, could convert your traditional ton, Weaverville’s local Edward
report it as income for tax years 2011 and 2012
Roth IR A contributions are never IRA to a Roth IRA only if you Jones Financial Advisor. Edward
tax-deductible, but your earnings were married and filed a joint Jones, its employees and Finan-
Call today to discuss how this opportunity may benefit you.
grow tax free, as long as you’ve return or were a single filer, and cial Advisors do not provide tax
Edward Jones, its employees and financial advisors are not estate planners and cannot provide
held your account at least five your modified adjusted gross in- or legal advice.
tax or legal advice. Please consult your attorney or qualified tax advisor regarding your situation. years and you don’t start taking come (MAGI) was $100,000 or
withdrawals until you’re at least less. But starting in 2010, you can
Bill Boughton age 59½. convert funds to a Roth IR A even
Financial Advisor Furthermore, unlike a tradi- if your MAGI is over $100,000.
.
61 Weaver Boulevard
tional IRA, a Roth IRA does not You will also be able to convert
Weaverville, NC 28787
require you to start taking dis- to a Roth if you are married and
828-645-0341
tributions when you reach 70½. file separate tax returns.
Consequently, you’ll have more And that’s not the only piece 828-206-2435
flexibility and freedom when it of good news regarding your
www.edwardjones.com/rothconversion
828-649-8027

Member SIPC
comes to making withdrawals. conversion ability. As mentioned
If you have a traditional IRA, above, you will have to pay taxes
Madison County, 60 acres by deed of
remote mountain retreat.
you might be thinking it’s a good End of road property and old family
idea to convert to a Roth IRA be-
farm. Road frontage, stream, wild life,
long range view. $300,000. MLS#:
cause tax free sounds better than
Revival at
449555, Ray Realty and Associates 828-
206-2435.
Madison County, 12.5 acres of improved
Attention Builders, Developers, Real
Mt. Bethel
property with prime location off I-26 in
the Mars Hill / Wolf Laurel areas. Beautiful
Mountain Cove, plentiful wildlife, Long
range views and house seats prepared.
Estate Professionals, Homeowners
Mt. Bethel Free Will Baptist $325,000. MLS#: 446140. Ray Realty and
Church will host a revival be-
Associates. 828-206-2435.
ginning Sunday (Jan. 24) at the
Madison County, Large land tract.
Learn City & County Ordinances, Rules &
church located at 290 Sheppard 148 acres by deed of private beautiful
Branch Road in Weaverville.
mountain cove with stream, beautiful
Penalties, Mitigation,Principles of Best
old log cabin that has been improved,
Mike Freeman, pastor at Lower
barns, outbuildings, out decks, and open
Big Pine Baptist Church, will meadows. $888,000 MLS#: 449200. Ray
Management Practices including Healthy Built
begin preaching each night at 7.
Realty and Associates 828-206-2435.
Homes & Environmental Issues
Madison County/Buncombe County
Line: Grand Location!! 2300 square feet
of rustic split foyer on beautiful large
MCAD (Mt. Council for Accountable Development)
St Matthews
level lot in Morlin Acres Subdivision off
Ivy Hill Road. Remodeled and Apprx
Certification Course Anglican Church
75% complete. Come on and pick up
this special find and finish to your liking.
Motivated Seller, Offered at cost of
• Tuesday & Wednesday, February 2 & 3
812 materials!! $239,000. MLS# 449201. Ray
Reems Creek
Realty and Associates. 828-206-2435.
• 8:30 am - 5 pm both days
Rd.
Madison County, 60 acres. Grand
Weaverville
location. Road frontage off 25/70 with
• Asheville Board of Realtors, 37 Montford Avenue
Southern Exposure and great potential
• Registration fee $150 includes breakfast & lunch
828-877-3708
house site. Minutes from Hot Springs,
Marshall and Multiple Rafting Outpost.
www.stmatthewsasheville.org
Motivated Seller! $425,000. MLS#
To register call 828-275-2422 limited seating
Sunday — 10am Bible Study / 11am Eucharist 453784. Ray Realty and Associates 828-
206-2435.
6 THE TRIBUNE - January 21 - January 27, 2010 www.weavervilletribune.com
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