Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

No Vested Interest

(5,217 posts)

2. Would you have to pay income tax on the one-time payout?

Reply to elocs (Original post)

Thu Sep 10, 2015, 01:37 PM

Sep 2015

I think that's likely, unless it's rolled over into a IRA.

If at all possible, having it in an IRA in which you can control which investment you choose, and letting it sit there until you have to take some out at age 71 (RMD), is desirable.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

11 replies

= new reply since forum marked as read

Highlight:

Small pension: Take the lump sum payoff offered or the annuity [View all] elocs Sep 2015 OP

If you rolled it into an IRA why would it affect your Medicaid? PoliticAverse Sep 2015 #1

The asset level for Medicaid (BadgerCare) is $2000. elocs Sep 2015 #6

Rolled over to an IRA would be above the asset level of $2000. elocs Sep 2015 #7

Sorry. Didn't notice this thread was 3 years old. A HERETIC I AM Dec 2018 #11

Would you have to pay income tax on the one-time payout? No Vested Interest Sep 2015 #2

Are you on Soc. Sec. ????? dixiegrrrrl Sep 2015 #3

I am on early Social Security retirement. elocs Sep 2015 #5

Rolling over puts me above the asset level. elocs Sep 2015 #4

$230/month SheilaT Sep 2015 #8

I think I will take the annuity. elocs Sep 2015 #9

Post removed Post removed Dec 2018 #10