travelrick
Confused about dryer sheets
My sister, age 80, left employment at a large company 15 years ago and received a lump sum from their profit sharing plan. What she didn't realize was that they also had a pension plan and after moving lost all contact with the company. Now, 15 years later, she finds out about it and has received a lump sum of $120,000 for accumulated pension and interest, together with a monthly pension for the remainder of her life.
After considering the income tax hit on the lump sum, within 60 days she put the money in a rollover IRA in hopes of avoiding income tax. She will of course take the required RMD each year. Wondering if this will work or if she will have future problems/penalties with the IRS.
After considering the income tax hit on the lump sum, within 60 days she put the money in a rollover IRA in hopes of avoiding income tax. She will of course take the required RMD each year. Wondering if this will work or if she will have future problems/penalties with the IRS.