Page 10 - Colquitt Shopper

Page 10 – The Colquitt Shopper (Say You Saw It In The Colquitt Shopper)
Visit Us Online at www.ColquittShopper.net
Tuesday, February 20, 2024
COME WORSHIP AT MEMORIAL BAPTIST Sun. Worship 10:30 am Thurs. English & Citizenship Classes & Immigration Documentation Tutoring 6:00 pm - 7:00 pm
with appointment 1809 Sylvester Hwy., 229-985-2543.
Sonny Gay, Realtor
229-985-HOME
19. Satisfy
23. They confuse doctors
(abbr.)
24. Brass instrument
AL-ANON GROUP MEETING
TRAIL TO SERENITY Meets Tuesdays at 6 pm at the First United Methodist Church in Moultrie, 409 1st Street SE @ 5th Ave. All are welcome who have a family member or friend with an al- cohol problem. Call 229-977-
3738 for more info.
TAX PLANNING TIPS Written by Dennis W. Futch, E.A. 229-985-0176
AVOID A PENALTY AND TAX SURPRISE WHEN WITHDRAWING FROM RETIREMENT ACCOUNTS
Retirement accounts that pro- vide tax breaks have very specific rules that must be followed if you want to enjoy the financial rewards of those tax breaks.
One of these rules defines WHEN you're allowed to pull money from your retirement ac- counts. If you pull money too soon, you're at risk of being levied with a penalty by the IRS. There are sev- eral exceptions to this rule, such as paying for qualified higher educa- tion expenses or paying for ex- penses if you become permanently disabled. In general, though, if you withdraw retirement funds before you reach age 591⁄2, you'll be hit with a 10% penalty in addition to regular income taxes. In the April 2023 court case Magdy A. Ghaly and Laila Ryad v. Commis- sioner, the taxpayers learned this rule the hard way.
The Facts
In 2018, Mr. Ghaly took two dis- tributions from his retirement ac- count.
Distribution #1: Withdrawal
Mr. Ghaly was laid off from his job, and in 2018, he withdrew money from his retirement account to provide for his family. He re- quested and received a withdrawal of $71,147 from his retirement ac- count. His retirement company provided him with a Form 1099-R indicating the withdrawal was tax- able.
Distribution #2: Deemed Distribution
In 2015, Mr. Ghaly took a loan from
THE COMPASSIONATE FRIENDS, a self-help group for bereaved parents, meets the second Tuesday of each month in the civic room of the Tifton Chamber of Commerce Building, 100 S. Central Ave. at 6 pm. All bereaved parents are welcome. For more infor- mation call Mary Jones at 229- 382-1586.
his retirement account. Because the loan followed certain IRS-ap- proved guidelines, it was not con- sidered a taxable distribution from his account that year. However, when Mr. Ghaly failed to repay that loan when it came due in 2018, it became a taxable distribution. His retirement company provided him with a 1099-R tax form for the deemed distribution.
Mr. Ghaly had not yet reached age 591⁄2 before either amount was distributed.
The Findings
In an attempt to restore those distributions to his account to avoid both the tax on the distribu- tions and the early withdrawal pen- alty, he opened two retirement accounts in 2020 and made the maximum contributions allowed for each account.
The Tax Court ruled against the taxpayers, stating that the contrib- utions Mr. Ghaly made in 2020 were irrelevant when determining if his 2018 distributions were tax- able. Mr. Ghaly was required to pay income taxes on the amounts with- drawn (to the extent those distribu- tions were taxable) and was assessed an additional 10% early withdrawal penalty.
The Lesson
If you are planning an early with- drawal from a retirement account, understand before making the withdrawal whether the 10% pen- alty applies to you. In Mr. Ghaly's case, he could have explored the substantially equal periodic pay- ment exception or withdrawn money penalty free if used as hard- ship to pay for his health insurance while unemployed. The lesson: please call if you have questions about an early withdrawal you may be planning before you make it! Call us at 229-985-0176. www.thetaxshop.net
LIST YOUR HOUSE WITH ME!
Just Call Sonny Gay 229-589-0539 EST 2022
BirchBirchPinePine
AUTO • FIRE • LIFE • HEALTH
Whitney Smith - Agent
6 South Main Street • “Downtown” Moultrie 229-985-1936 whitneysmithsf.com ¡Se habla Español!
CP YSTAL PHAP MACY XX
Serving Moultrie & Colquitt County Since 1923
Scotty Jarvis, Pharm.D. • Dafney Jarvis 705 South Main Street • Moultrie
DEUTERONOMY 20:4
For the Lord your God is he who goes with you to fight for you against your enemies, to give you the victory.
JOIN OUR EMAIL LIST @ www.ColquittShopper.net and get a digital copy delivered straight to your email every Monday Morning!
Phone: 229-985-4137
Kingdom Living Ministries
WELCOMES YOU!
310 E. Central Ave. NE
Moultrie, Ga.
Dr. R.L. & Co-Pastor
T. Baker
Sunday School - 10 am
Morning Worship - 11 am
Our Special Training
Academy Awaits You.
Come & Fulfill
Your Destiny!
For More Info.,
Call 229-429-5263 ––––––––––––––––––––––
KIDS DRIVE IN MOVIE Ages 4+
Friday, March 1st
Jim Buck Goff Complex 5:30-6:30 pm Car Building 6:30 pm Movie Begins $5 per child Registration deadline: February 23rd
For more info. call Connie Fritz at 229-668-0028 www.mccpra.com
Fax: 229-890-5968
FREE OLD SHOPPERS Come By Office
603 North Main St. ––––––––––––––––––––––
NARCOTICS ANONYMOUS
Meets 7 days a week in Moultrie. Call our helpline at 1-888-490-0648 for full meeting schedule.
Guzman Landscaping Service Mowing, Edging, Trimming, Raking, Weed Eating, Blowing, Flower Beds, Spraying Round-Up/Feed & Weed, Cut Down 30’ Trees, Pinestraw, Plant Bushes & Trees,
Any Type of Flowers, Blowing Roofs
SPECIAL PRICES FOR RETIRED PEOPLE Free Estimates
(229)529-6609 or (229)891-2092 Owner: Ignacio Guzman
FOR SALE: 1975 Ford 5000 tractor in good shape, new parts, rebuilt engine, everything works, it also has a cab, $10,000 OBO. Call 229-272-0621.
“My - T - Fine”
BBQ & Catering
Owned & Operated by Billy Howell & Rod Howell
We Also Cater: Steaks,
Seafood & Low Country Boil
• Chopped Pork • Brunswick Stew • Hams • Whole Butts • Ribs • Turkey Breasts
DONATIONS NEEDED For upkeep of Leila Ceme- tery on Ellenton-Omega Rd. in Colquitt County. Address to: Leila Cemetery Fund, Patsy Hembree, 475 Sharon Church Rd., Omega, GA 31775.
ATTENTION: We desperately need volunteer drivers with CDL license to drive a Veteran bus to Lake City, Florida. Bus runs each Thursday ex- cept holidays. Drivers will ro- tate weeks. Call Tom Cox at 229-798-3344.
107 Hidden Acres (Just off Dorminey Rd.)
Moultrie, GA
(229)873-1616
CLUES ACROSS
1. Golf scores
5. Shock therapy
8. Ballplayer’s tool
11. Quench one’s thrist 13. Female relatives of
American war vets (abbr. 14. Every one of two or
more things
15. Member of Muslim
people 16. Play
17. Type of cheese
18. Type of lounge chair 20. ___ King Cole,
CLUES DOWN
1. Pacific Standard Time 2. Protruding ridge on
nematodes
3. Indian king
4. Type if milk
5. One who brings home
the bacon
6. More comprehensible 7. Connected with sense
of touch
8. Red mineral
9. Breeze through 10. Therefore
12. Supplement with
Syria
musician 21. Fellows
22. North, Central and South
25. In an early way 30. Foes
31. Georgia rockers 32. Cryptocurrency 33. Narrow path along
a slope
38. Disallow 41. Joyousness
43. Inaccessible
45. Evoke emotions 47. Ancient kingdom
25. Domesticated animal 26. Ribonucleic acid
27. Snakelike fish
28. Woman (french)
29. Economically- minded aircraft
34. When you hope to get somewhere
35. Tease
36. Actress Gretchen 37. Midway between
northeast and east
39. Inoffensive
40. Yellowish cotton cloth
41. Consume
42. Does not tell the truth 44. Improved something 45. Spiritual leader
46. Abba ___, Israeli
politician
near Dead Sea
49. Boston Celtic punk rockers (abbr.)
50. Sword
55. Actor Idris
56. Affirmative (slang) 57. Afflicted
59. One point north of
northeast 60. Born of
61. Arabic name 62. Traumatic brain
injury (abbr.) 63. Extremity
64. Post
47. Fix
48. Evergreen tree genus 51. Swiss river
Moultrie Oncology Support Team (M.O.S.T.) Meets at 6:00 pm on the 1st Monday of every month at Colquitt Regional Medical Center’s Foundation & Vol- untary Services Room. If the 1st Monday falls on a holi- day, the meeting will be can- celed. Everyone is welcome.
difficulty
14. Early kingdom of
52. 53.
54. 58.
Prejudice
Major C. European river
Long, narrow strap Male parent
• Cupcakes • Cookies • Dessert Cakes
1895 Hwy. 37 East Moultrie, GA (229)985‐7842
Behind
• Old Fashion Cinnamon Rolls
BAKERY
• Breakfast Pastries • Drinks & Coffee
Tues. ‐ Fri.
8:00 am ‐ 5:30 pm Sat. 10:00 am ‐ 2:00 pm
Come See Us for Your Next Birthday Cake!