Questions & Answers with Cherrie :: Wamhoff Financial & Accounting

Questions & Answers with Cherrie

Meeting with and talking to clients on a daily basis gives me the opportunity to answer the many questions about their individual accounts and statements and many other subjects. I thought it would be a great idea to share some of those for the clients that have wondered and never asked.

How long should I keep my statements?

You most likely receive a monthly or quarterly statement, as well as annually. Once you get your annual statement you can toss the previous statements for that year.

Who is VSR and why is their name on my statements?

VSR Financial Services is our broker/dealer that oversees our firm and helps with finding investment products that best fit our clients’ needs.

VSR Financial Services is a full-service securities broker/dealer founded in 1985 and located in Overland Park, KS.

They represent more than 275 registered representatives residing in 36 states. They are the second-largest broker/dealer domiciled in the state of Kansas. They are licensed in all 50 states and a member of FINRA and SIPC.

How do I get online access to view my investment accounts?

To view your brokerage accounts held at First Clearing you can go to our website and click on Client Login in the top right and click Sign Up. If you have any problems you can call 1-877-488-3748.

For accounts other than First Clearing you can usually go to that company’s website and sign-up for online access through them directly.

How long should I keep my tax returns?

The IRS has three years from your filing date to audit your return if it suspects good-faith errors.

The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.

The IRS has six years to challenge your return if it thinks you under-reported your gross income by 25 percent or more.

There is no time limit if you failed to file your return or filed a fraudulent return.

Can I get access to my 401K money once I am 59 ½ and still working?

Many investors are familiar with the rules for putting money into a 401(k) Plan, but a lot of plans have the option to taking what is called an In-Service distribution once you are 59 ½. In the event that the in-service withdrawal qualifies as an “eligible rollover distribution”, you can move your 401(k) balance into a Traditional IRA. This process can be accomplished without having any tax consequences. This process allows investors to have access to more investment options and more control on how the portfolio is constructed. However, depending on the fee or commission structure that is setup the account could potentially have more expenses. Additionally, any distributions coming out of the Traditional IRA would be taxed as ordinary income and is fully taxable. While this is not always a good fit for every investor, in certain situations it can make sense depending on the individual’s retirement planning objectives. Please call our office and speak with one of our many Financial Professionals.