The South Carolina Nurse - January 2016
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www.scnurses.org <strong>South</strong> <strong>Carolina</strong> <strong>Nurse</strong>—<strong>January</strong>, February, March <strong>2016</strong>—page 5<br />
Retirement Q&A<br />
Can I convert my traditional IRA funds into a Roth IRA?<br />
Yes. Any funds you convert during the tax year, other than<br />
amounts that represent nondeductible (after-tax) contributions to<br />
your traditional IRA, are treated as taxable income for that year.<br />
This means that if the contributions originally made to your<br />
traditional IRA were deductible, you may have to pay income<br />
tax on the amount converted to the Roth IRA. Also, although<br />
the premature distribution tax (for IRA withdrawals prior to age<br />
59½) does not apply when you convert funds to a Roth IRA, it<br />
may apply if you later withdraw from the Roth IRA within five<br />
years after you convert funds. Finally, you cannot convert required<br />
minimum distribution amounts from a traditional IRA to a Roth<br />
IRA. Given the possible tax consequences of this conversion, you<br />
may wish to consult experienced tax and financial professionals<br />
Chip Stanley<br />
before you commit to the process.<br />
Note: You can also roll over (“convert”) funds from an employer sponsored-retirement<br />
plan to a Roth IRA. <strong>The</strong> same rules described above generally apply.<br />
Can I take money from my IRA without any penalty?<br />
It depends. If you are 59½ or older, you can take money from your traditional IRA without<br />
penalty. In contrast, if you withdraw from your IRA before age 59½, the taxable portion of<br />
your distribution may be subject to a 10 percent penalty on top of whatever income taxes you<br />
owe on the distribution. This penalty, known as the premature distribution tax, is intended to<br />
discourage people from exhausting their IRA funds before they retire.<br />
However, there are some exceptions to this rule. Premature IRA withdrawals made by<br />
a disabled person may be exempt from the penalty. If an IRA owner dies before age 59½,<br />
distributions paid to you as a beneficiary of the account are not subject to the penalty. If you<br />
need supplementary income, you can take IRA distributions as a series of “substantially equal<br />
payments” over your life expectancy or the joint life expectancy of you and your beneficiary.<br />
<strong>The</strong>se distributions will avoid the penalty as long as you don’t modify the payments within<br />
certain time frames. Subject to limits and conditions, the penalty tax generally will not apply<br />
to IRA distributions taken to pay qualifying medical expenses, health insurance premiums<br />
while unemployed, higher education costs, and qualified first-time home-buyer expenses (up<br />
to $10,000 lifetime from all your IRAs). It also does not apply to amounts rolled over from<br />
one IRA to another (assuming you follow the rules for rollovers), to conversions of traditional<br />
IRAs to Roth IRAs, to amounts that the IRS levies from your IRA to cover your tax bill, or to<br />
qualified reservist distributions. Other exceptions may also apply.<br />
Qualified distributions from your Roth IRAs are federal income tax--and penalty tax--<br />
free. Distributions are qualified if you satisfy a five-year holding period, and you are (a) age<br />
59½, (b) disabled, (c) deceased, or (d) you have qualified first time home-buyer expenses. <strong>The</strong><br />
taxable portion of nonqualified distributions from your Roth IRAs is subject to the same 10<br />
percent penalty rules that apply to traditional IRAs. (Special rules may apply if you take a<br />
nonqualified distribution from your Roth IRA within five years of a conversion.)<br />
About Great <strong>South</strong> Advisory Group<br />
<strong>The</strong> Great <strong>South</strong> Advisory Group is the approved retirement income planning firm to the<br />
<strong>South</strong> <strong>Carolina</strong> <strong>Nurse</strong>s Association. As a benefit of membership in the SCNA, you can receive<br />
your personalized Retirement Income Analysis report for no charge. Simply call to schedule your<br />
complimentary appointment at 803.223.7001. Visit their website at www.greatsouthadvisorygroup.com.<br />
Janney Montgomery Scott LLC. Member: NYSE, FINRA, SIPC. Portions of this article were<br />
prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015<br />
City Location Day & Time<br />
Of Meeting<br />
Anderson<br />
Charleston<br />
Columbia<br />
Columbia<br />
Florence<br />
Greenville<br />
Myrtle Beach<br />
Rock Hill<br />
Spartanburg<br />
Peer Assistance<br />
Programs in<br />
Nursing<br />
Anderson Public Library<br />
300 N. McDuffie St.<br />
Anderson, SC<br />
Charleston Center<br />
5 Charleston Center Dr.<br />
Conf. room-Rm. 237B<br />
(call for code information)<br />
Adolescent Recovery Center / Stephenson Center<br />
720 Gracern Rd., Ste. 120<br />
Columbia, SC 29210<br />
Group room 5<br />
Adolescent Recovery Center<br />
Stephenson Center<br />
720 Gracern Rd., Ste. 120<br />
Columbia, SC 29210<br />
Group room 5<br />
Doctors Bruce & Lee Library<br />
509 Dargon Street<br />
Florence, SC<br />
Room 253 (second floor)<br />
SC Favor<br />
355 Woodruff Rd., Suite 303<br />
Greenville, SC<br />
Office of Dr. Brian Adler<br />
1945 Glenns Bay Rd.<br />
Myrtle Beach, SC<br />
North Rock Hill Church<br />
2562 Mt. Gallant Rd.<br />
Rock Hill, SC 29732<br />
Westside Cyrill Library<br />
525 Oak Grove Rd.<br />
Spartanburg, SC<br />
Monday, 7 PM<br />
Monday, 5 PM<br />
Tuesday, 5 PM<br />
Thursday, 5 PM<br />
Wednesday, 6<br />
PM<br />
Monday, 6 PM<br />
Thursday, 6:30<br />
PM<br />
Tuesday, 5:30 PM<br />
Tuesday, 5:30 PM<br />
Are you a<br />
REGISTERED NURSE (RN)<br />
looking to be part of Medical Excellence?<br />
<strong>The</strong> Medical University of <strong>South</strong> <strong>Carolina</strong> has an immediate need for <strong>Nurse</strong><br />
Managers and Registered <strong>Nurse</strong>s in a variety of areas including the Operating Room,<br />
ICUs, and Med/Surg areas!<br />
We offer a competitive compensation and benefits package in a progressive<br />
environment. All interested candidates should complete an on-line application at www.<br />
muscjobs.com.<br />
Located in beautiful Charleston, <strong>South</strong> <strong>Carolina</strong>, the MUSC Medical Center offers<br />
a unique lifestyle with coastal living. <strong>The</strong> beaches and parks are a quick getaway for<br />
those looking for a relaxing retreat. Likewise, historical downtown Charleston offers<br />
exciting yearly events such as Spoleto, art walks and the Cooper River Bridge Run.<br />
Medical University of <strong>South</strong> <strong>Carolina</strong><br />
Medical Center Human Resources<br />
1-800-468-7276<br />
www.muscjobs.com<br />
“Promoting Workplace Diversity: An Equal Opportunity Employer”<br />
RN’S & LPN’S<br />
(VARIOUS VACANCIES STATEWIDE)<br />
SALARY:<br />
Registered <strong>Nurse</strong> $46,965.00 | Licensed Practical <strong>Nurse</strong> $30,897.00<br />
Special Note: <strong>The</strong>re is a 2% salary incentive for vacancies at all Level II facilities and a 3%<br />
salary incentive for vacancies at all level III facilities. (Incentive is in addition to base salary)<br />
BENEFITS: 15 Days Annual Leave, 15 Days Sick Leave, Medical, Vision and<br />
Dental Insurance, 13 Paid Holidays, Deferred Compensation, Police Retirement,<br />
Shift Differential & Weekend Premium Pay. We are a qualified employer under<br />
the Student Loan Forgiveness Program {SLFP} (Ask for more information)<br />
UNLIMITED CAREER OPPORTUNITIES<br />
APPLY NOW<br />
Obtain application at www.doc.sc.gov. Completed applications may be faxed to<br />
1-803-896-1671 or emailed in an attachment to employment@doc.sc.gov<br />
For more information about Health Services vacancies contact:<br />
SCDC Employment Office, 4502 Broad River Rd. Columbia, <strong>South</strong> <strong>Carolina</strong> 29210<br />
1-803-896-1649<br />
An Equal Opportunity Employer<br />
Because You Are A <strong>Nurse</strong> – SCNA!