hello,thank you for taking time to read my concerns.
I 51 and bee disable for a year an half.as of now i get social security disability,the place i worked for 19 years before i became sick and disable have a 401A pension plan for their employees.this plan only allowed the employer to make contributions to the plan.now i still have the money at Prudential(have not done any move yet),i am disable and would like to get the money from plan without been heavily tax.i do know i could wait until i am 59 1/2 years old and avoid the extra 10% tax penalty.but with my health i do not know if i will have 9 years more of life,maybe?.I was wondering if i move my pension money to a IRA account ,will i have tax withheld after the roll over?will i have to claim the money as an income in my yearly income tax return?
Any help is welcome.thanks
I 51 and bee disable for a year an half.as of now i get social security disability,the place i worked for 19 years before i became sick and disable have a 401A pension plan for their employees.this plan only allowed the employer to make contributions to the plan.now i still have the money at Prudential(have not done any move yet),i am disable and would like to get the money from plan without been heavily tax.i do know i could wait until i am 59 1/2 years old and avoid the extra 10% tax penalty.but with my health i do not know if i will have 9 years more of life,maybe?.I was wondering if i move my pension money to a IRA account ,will i have tax withheld after the roll over?will i have to claim the money as an income in my yearly income tax return?
Any help is welcome.thanks