Taxes

• Tax Planning
• Charitable Giving
• Tax Services
• Roth IRA
  The Internal Revenue Service-mandated Required Minimum Distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 1/2 if you reached 70 1/2 before January 1, 2020). Roth IRAs do not require withdrawals until after the death of the owner.
• Income Tax
  This scenario can be avoided by using an automatic rollover IRA for balances below $1,000. If Ashli failed to timely return the distribution election, her total account balance of $800 would be rolled over to an IRA in November 2023. For 2023, a Form 1099-R is generated to report the $800 rollover from a qualified plan to an IRA, continuing the deferral of income taxes. Ashli can now deal with it when she wants, including possibly waiting until she satisfies an exception to the early withdrawal penalty.

Accounting

• Accounting Services

Planning

• Financial Planning
• Retirement Planning
  Recurring pension payments are a time-consuming but necessary part of administering a pension plan. A leader in customized retirement plan solutions, PenChecks Trust® can help reduce your administrative workload with our convenient Recurring Benefit Payment Service.
• Long Term Care