IRA

Take control of your future Let SMA Services, Inc. help you find the right IRA that will help you save for retirement and get great tax advantages along the way

One of our options is a Guaranteed Investment Account — a solid foundation for any investment portfolio with new rates every quarter.

1. A Simplified Employee Pension (SEP-IRA) is a traditional IRA set up by an employer for a firm’s employees. An employer may contribute up to $50,000 or 25% of an employee’s compensation annually to each employee’s IRA.

2. Contributory IRA is a traditional  IRA available to those under age 70 ½ who have earned income (i.e., job compensation). Earnings within the traditional IRA grow tax-deferred until withdrawal. Withdrawals must begin, and will be taxed, when the owner reaches age 70 ½. If required distributions are not taken at that age, a 50% penalty will be assessed on the amount not taken. When made, contributions may or may not be tax deductible.

3. A Spousal IRA is either a traditional or Roth IRA funded by a married taxpayer in the name of his or her spouse who has less than $3,000 in annual compensation. The couple must file a joint tax return in the year of the contribution. The working spouse may contribute up to $3,000 per year to the Spousal IRA and up to $3,000 per year to his or her own IRA. A couple, then, may contribute up to $6,000 per year provided neither IRA receives more than $3,000.

4. A Rollover (Conduit) IRA is a traditional IRA set up by an individual to receive a distribution from a qualified retirement plan. Distributions transferred to a rollover IRA are not subject to any contribution limits. Additionally, the distribution may be eligible for subsequent transfer into a qualified retirement plan available through a new employer.

The financial services are intended to serve as a basis for further discussion with your other professional advisors. The actual application of some of these concepts may be the practice of law, and is the proper responsibility of your attorney.

Fees:

Total Disbursement Fee $25.00 paid by participant
Additional Disbursement Fee $2.00 per check
Research $60.00 per hour
Overnight Mail Service (letter size AM delivery) $15.00
Wire Transfer Fee $25.00 deducted from wire account
Annual Administrative Fee $25.00

The above fees cover the following:

  1. Annual Reports (5498s)
  2. Quarterly Reports
  3. 1099-R reporting
  4. Minimum distribution calculations
  5. Annual required minimum distribution
  6. Toll-free customer assistance

The above fees are subject to change.

CALL 800-423-4992 ext 170 for more information

Frequently Asked Questions? Click Here

Kim Woods
Director of Financial Services

SMA Services, Inc.
3500 Blue Lake Drive, Suite 360
Birmingham, AL 35243
Within Alabama: 205.945.1840
Outside Alabama: 800.423.4992
Fax: 205.942.0642