Small business,such as local business,personal finance,credit and real estate.
lump sum distribution from severance. What are options to avoid taxes?
21Mar2008 Filed under: CorporationsQuestion:
lump sum distribution from severance. What are options to avoid taxes?
Answer:
If you mean a distribution from a 401(k) or similar plan, you can usually roll it over into an IRA within 60 days and it won't be taxed until you take it out of the IRA. And, if you were born before 1/2/1936, there's a special tax election that might benefit you-see form 4972. If it's not this type of distribution, it's probably taxable.
You should consult a tax adviser for the most accurate information.
Resource related business question and answer:
Lump Sum Distributions Your Severance Package
... and reduce taxes? 2. Should I spend my severance ... four options: 1. Keep the money and pay taxes and penalties. If you need your distribution to pay ... of your lump sum distribution ...Lump Sum Distributions
... your lump sum distribution from ... Lump Sum Distributions Your Severance Package ... primary options: 1. Keep the money and pay taxes and penalties. If you need your distribution to ...People Also View other Questions
- What is the guideline for paying capital gain when you cash out a mutual fund?
- If I own a corporation based in the USA how do I get my funds from European entities without it being taxed??
- In Canada can interest and taxes be added to the ACB of a parcel of land when for 15 years there was no income
- If actual $ (as displayed on a 1099-R) is not received but turned into a new account, is it taxable income?
- What is the % rate of income taxes on pension & social security.?
- How to close a c corporation contained by california. what form do I inevitability to crawl out.?
- If I sell a stock, do I pay taxes on the full amount of stock I sold or do I just pay taxes on the profit?
- What is designed by distribution chanel?
- if i win the $300 million lottery in oklahoma, how much in taxes would be taken out overall?
- hi can you please tell me how i can efile my taxes?
About Business Question & Answers
All business info,here are more and more business questions and answers,you will find some information about small business.Also not only you can ask someone to settle your small business problems but also you will give some answers what you have known.Of cource,please be kindly noted: our site is a plat for yours,small business questions and answers in our website are offered by user.
Answer This Question