Tax issues for qualified retirement plans

1. THE UGLY- THE TAX MAN COMETH Madelyn H. Hornstein, CPA Dermody, Burke & Brown, CPAs LLC 443 N. Franklin St. Syracuse, NY 13204 315-471-9171 Retirement Planning: The Good, The Bad & The Ugly June 24, 2009

3. YOUR COMPANY RETIREMENT PLAN Are you contributing as much as you can? Are you and your spouse at least contributing enough to get the maximum matching contribution? When can you change the amount that you are contributing? Have you received a copy of the Summary Plan Description?

7. INDIVIDUAL RETIREMENT ACCOUNTS (IRA) Are you contributing as much as you can? ($5,000 max or $6,000 if 50 or older) Everyone earning a wage can contribute into an IRA… which type of IRA you can contribute into is simply dependent upon income levels. Roth IRA Conversions in 2010: Many higher wage earners have been unable to make Roth IRA contributions or rollover their retirement accounts into a Roth IRA. 2010 presents an opportunity for those people with IRA account balances to convert into a Roth IRA. This creates taxation but the other benefits may outweigh the taxation. Traditional, Roth or Nondeductible

8. CONCLUSION: Learn as much as you can about the benefit plans being offered to you. Stop trying to keep up with the “Jones” Teach your children to be “savers”, not “spenders”! Keep an eye on the savings you already have. Begin saving more than you are currently. Have plans to stay active and keep that brain working. WILL YOU BE READY?

9. Madelyn H. Hornstein, CPA mhh@dbbllc.com 443 N. Franklin Street Syracuse, NY 13204 (315) 471-9171 (315) 471-8555 www.dbbllc.com Contact Information Auburn ~ New Hartford ~ Syracuse