Montgomery County names interim planning director
The Montgomery County Planning Department has named Planning Department executive Rose Krasnow interim director, following the resignation last month of Director Rollin Stanley. Krasnow, who has worked at the Planning Department since 2004, will start as interim director Monday. Stanley resigned to take the planning director job in Calgary, Alberta, Canada's third largest city. Montgomery County's planning board has begun a nationwide search for a permanent replacement and expects to name a new...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=3wuhez6cFgM:ql8CWFXOwRY:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=3wuhez6cFgM:ql8CWFXOwRY:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=3wuhez6cFgM:ql8CWFXOwRY:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=3wuhez6cFgM:ql8CWFXOwRY:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=3wuhez6cFgM:ql8CWFXOwRY:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=3wuhez6cFgM:ql8CWFXOwRY:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>
Uberoffices to open in Arlington, with twist on model
If you find it tough to keep track of the comings and goings of D.C.?s new batch of incubators, accelerators and co-working spaces, I don?t blame you. More and more founders are turning ideas into startups, and they have a wider array of options now for a cheap desk and Wi-Fi connection. So how does one workspace distinguish itself from another? Uberoffices is hoping to stand out by adding a menu of affordable services. The project, spearheaded by GOP consultant and entrepreneur Raymond Rahbar,...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=54W2IGbcgAs:QNDZrzZjMJ4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=54W2IGbcgAs:QNDZrzZjMJ4:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=54W2IGbcgAs:QNDZrzZjMJ4:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=54W2IGbcgAs:QNDZrzZjMJ4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=54W2IGbcgAs:QNDZrzZjMJ4:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=54W2IGbcgAs:QNDZrzZjMJ4:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>
Federal Contracts: Big Wins for May 17, 2012
<img src='http://assets.bizjournals.com/washington/blog/fedbiz_daily/051812-fedbizchart*100.gif?v=1'>The Bureau of Customers and Border Protection Service divvied out the most dollars to a D.C. area company Thursday, reporting a $9.34 million contract award to QinetiQ North America in McLean for computer programming services. QinetQ has long supported CBP with services to support a technology solution for collecting, sharing, safeguarding and using immigration law enforcement information. Source: Fedmine.us<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=ZiCGPCLY7tQ:V_TtNSB4SYA:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=ZiCGPCLY7tQ:V_TtNSB4SYA:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=ZiCGPCLY7tQ:V_TtNSB4SYA:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=ZiCGPCLY7tQ:V_TtNSB4SYA:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=ZiCGPCLY7tQ:V_TtNSB4SYA:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=ZiCGPCLY7tQ:V_TtNSB4SYA:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>
SBA proposes rules to include small-business contractors in multiple-award contracts
The Small Business Administration has set out three new rules specifying three areas where small-business contractors can be included in multiple-award contracts, according to Federal News Radio. The proposed regulations seek to set aside parts of a multiple-award schedule for small-business contractors, reserve awards for small businesses under MACs, and set aside certain orders for small businesses. The rules state that agencies must "give meaningful consideration" to the options, and contracting...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=5C3UhOjB_i4:dlwOR4gZmOU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=5C3UhOjB_i4:dlwOR4gZmOU:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=5C3UhOjB_i4:dlwOR4gZmOU:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=5C3UhOjB_i4:dlwOR4gZmOU:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=5C3UhOjB_i4:dlwOR4gZmOU:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=5C3UhOjB_i4:dlwOR4gZmOU:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>
'Shared first' approach provides tools, excludes mandates
The shared information technology services approach released by the federal chief information officer draws on the Office of Management and Budget's 25-point plan to reform federal IT by providing policy guidelines, Federal Computer Week reports. Known as the 'shared first' approach, shared services are not expected to be mandated, though agencies that don?t use that delivery model will have to justify why. The shared services plan is more about providing agencies the right tool to manage their...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=1qHjvkn88mY:i3I0BjuEkiE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=1qHjvkn88mY:i3I0BjuEkiE:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=1qHjvkn88mY:i3I0BjuEkiE:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=1qHjvkn88mY:i3I0BjuEkiE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=1qHjvkn88mY:i3I0BjuEkiE:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=1qHjvkn88mY:i3I0BjuEkiE:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>
Latest Aegis upgrade by Lockheed engages multiple air and missile targets
The newest upgrade to the Aegis defense system has demonstrated its capability for integrated, simultaneous engagement of multiple air and missile targets, according to UPI. "This test is the culmination of two years of hard work by our Lockheed Martin engineers and marks the start of a new era where the Navy no longer has to choose between air or missile defense capabilities for any given mission," says Jim Sheridan, director of Aegis Baseline 9 programs for Lockheed Martin's Mission Systems and...<div class="feedflare"> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=UuDVicPPSZQ:FTg-3ko51xE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=UuDVicPPSZQ:FTg-3ko51xE:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=UuDVicPPSZQ:FTg-3ko51xE:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=UuDVicPPSZQ:FTg-3ko51xE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_washington?i=UuDVicPPSZQ:FTg-3ko51xE:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_washington?a=UuDVicPPSZQ:FTg-3ko51xE:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_washington?d=qj6IDK7rITs" border="0"></img></a> </div>


Roth IRA contribution. If you were married and your modified adjusted gross income was over $160,000, no contribution would have been possible. For incomes falling between these numbers, a partial contribution determined by a formula could have been made.

Also note the income limits are now indexed; they will be higher in 2007 and beyond.

4. I have an existing traditional IRA and I want to roll it over to a Roth IRA. Is this possible?

It depends on four things: What year it is, how much money you make, your marital status and the type of income tax return you file. If you are talking about a tax year before 2010 and your adjusted gross income exceeds $100,000 or you are married and file a separate return, you can’t convert your traditional IRA to a Roth. Period.

After 2009, these limitations don't apply and you are good to go. Moreover, you can spread the income tax due on the rollover over tax years 2011 and 2012.

5. I am 55 and have had my Roth IRA for 3 years. I just went on disability and need to withdraw a good portion of it. Is the withdrawal taxable? And since I am not 59 1/2 do I have to pay the 10% penalty tax?

Your Roth IRA consists of two elements: your contributions and earnings. You can take out any amount up to your total contributions tax free.

In order for any earnings withdrawal to be tax free, the distribution has to be a “qualified distribution”. To be qualified, the distribution needs to be made after five taxable years starting with the first Roth contribution.

Then assuming this five year rule is satisfied, you can take out money tax free if you are over age 59 1/2, disabled, or to buy a first home for yourself, your spouse, children or grandchildren ($10,000 maximum). The rules go on to say if you die and your spouse elects to treat your Roth IRA as their own, any distributions would be qualified.

Distributions before age 59 1/2 are subject to a 10% premature penalty tax. However, this tax only applies if the distribution is includable in income. If you take out your contributions, these are not taxed.

In your case, you qualify for one of the exceptions: disability. So there is no 10% penalty tax.

These examples are based on my interpretation of the rules and should not be relied upon as tax advice. The complexities of distributions from any qualified plan or IRA underscore the necessity to consult with a qualified tax professional prior to making any withdrawal.

Article Source: http://articlecrazy.com

Robert D. Cavanaugh, CLU is a 36 year financial and estate planning veteran and author of the free newsletter, “The Estate Preservation Advisor”. To subscribe and get the free video, “How to Sell Your Life Insurance Policy for More Than the Cash Value”, go to theestatepreservationadvisor.com/freevideo.htm

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