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Financial Discussion

It is always wise to have a secure financial foundation. Here is a place to ask questions, exchange ideas and share information on how to make the most of your money.


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Stephen Bell  
#1 Posted : Tuesday, August 11, 2009 2:07:56 AM(UTC)
slick84092

Rank: Newbie

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Joined: 8/11/2009(UTC)
Posts: 1

My wife has a company-paid pension. How do we figure the tax implications of a lump sum distribution to pay off our house? She would not take the distribution until after she is 59 & 1/2 years old. We both were born in 1950. Are we eligible for the "income averaging" over ten years? What's our best alternative?
kistari  
#2 Posted : Tuesday, August 11, 2009 11:21:13 AM(UTC)

Rank: Senior Member

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Joined: 8/1/2006(UTC)
Posts: 240

The 10 year averaging is only available if your wife was born prior to January 1, 1936. In general, you will pay taxes on any amount that wasn't previously taxed. If all your wife's contributions to the plan and the earning were not taxed, then everything withdrawn is taxed.

My best advice is to see a tax professional before withdrawing any money and have them run various scenarios.
Anna Bo  
#3 Posted : Tuesday, August 18, 2009 10:55:42 AM(UTC)
csrssoup

Rank: Newbie

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Joined: 8/13/2009(UTC)
Posts: 2

Does anyone know if Comp Time and Credit hours are also paid out if an employee is FLSA E. (A 12 non-supervisory team lead)
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