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  1. #11
    Super Star Member Thomas's Avatar
    Join Date
    Apr 2000
    Posts
    12,195
    Location
    Lebanon,NH.
    Tractor
    Kubota L2800HST w/Frontloader & CC LTX1046

    Default Re: wife get's big surprize

    Its depressing as he77..more you make the more they take to give away.

  2. #12
    Veteran Member
    Join Date
    Jan 2002
    Posts
    2,258
    Location
    SE Wa

    Default Re: wife get's big surprize

    Quote Originally Posted by 300UGUY View Post
    She should get much of that back when she files taxes next year. It sucks, but that's the way things usually work.
    Yep, went through that myself way back when. I don't know what it is called now but has something to do with averaging. I had to mention it to my tax preparer to get it though.

    Harry K

  3. #13
    Elite Member
    Join Date
    Apr 2005
    Posts
    3,668
    Location
    nicholson, pa
    Tractor
    John Deer Lt160

    Default Re: wife get's big surprize

    Was there a way that she could have it put into a say 401k or other type of retirement savings plan to save on the taxes?
    www.stormspoons.com my website
    http://www.etsy.com/people/Forgeblast?ref=pr_profile
    Is where I also have spoons listed.

  4. #14
    New Member
    Join Date
    Sep 2012
    Posts
    20
    Location
    edgerton,mo
    Tractor
    cockshutt

    Default Re: wife get's big surprize

    Hey join the crowd, I worked for TWA and AA retired in 08.Partner and figured to get around 50,000. wow that really sounded good until I got my last paycheck ended up with a little over 20,000. Know your feelings. I questioned why we couldn't diversify some and that was like talking to a brick wall

  5. #15
    Veteran Member sam5570's Avatar
    Join Date
    Jan 2012
    Posts
    1,320
    Location
    south west virginia
    Tractor
    new holland tn70

    Default Re: wife get's big surprize

    Quote Originally Posted by forgeblast View Post
    Was there a way that she could have it put into a say 401k or other type of retirement savings plan to save on the taxes?
    Forgeblast they were not given a option of what they wanted to do with there money she is in the process of rolling over her 401 into a roth ira . bottom line is the company just told them what was going to get and when they would get it and that's it alot of question's were ask but no answer's were given. the company didnot tell the employ's what the exact plan was till there finnal day of work they were handed a packet that explain when and what would happen.

  6. #16
    Elite Member SPIKER's Avatar
    Join Date
    Jun 2002
    Posts
    4,270
    Location
    Ohio, Jeromesville, Ashland County
    Tractor
    Jinma 284

    Default Re: wife get's big surprize

    It must have been a BAD WEEK, I too was let loose along with about 30 of my coworkers from our plant. The company was bought out by one of our "Competitors" who said they just wanted to integrate products. well after 1 month they said we could no longer build the same sized machines & that we could not sell into china anymore (one of our major markets.) the next month they decided to tell us to cut middle management and engineering overhead (which cost my job.) I'm getting 5 weeks severance at about 60% of what I was making. Monday I'm going to talk about going back to school & see if I can get back some of my tax $ in form of finishing my bachelors in engineering on the States/Feds dime for being downsized.

    Mark
    I may remember why I went to the other end of the shop, I'm just afraid once I get there I'll forget how to get back!

  7. #17
    Silver Member
    Join Date
    Mar 2010
    Posts
    193

    Default Re: wife get's big surprize

    40% sounds about right. Unfortunately that's just how it works.

    About half my pay comes as a bonus based on sales commission and overall profitability, both of which I am directly responsible for. About half goes to the government and I seem to never find I overpaid.

  8. #18
    Silver Member
    Join Date
    Jan 2008
    Posts
    160
    Location
    Shaftsbury VT
    Tractor
    Kioti DK 40s

    Default Re: wife get's big surprize

    Be careful about rolling the old 401(k) into a ROTH. If it was a pre-tax 401, rolling it into a ROTH will cost you a bunch in taxes. Check with your financial advisor or accountant.
    Kioti DK 40S, with a Farmi and Tractor Forks!

  9. #19
    Super Star Member
    Join Date
    Sep 2000
    Posts
    10,100
    Location
    Triangle Of North Carolina
    Tractor
    JD 4700

    Default Re: wife get's big surprize

    Quote Originally Posted by SPIKER View Post
    It must have been a BAD WEEK, I too was let loose along with about 30 of my coworkers from our plant.
    Mark
    Sorry to hear of the job loss. More and more it just a question of when, not, if.

    Later,
    Dan

  10. #20
    Elite Member SPIKER's Avatar
    Join Date
    Jun 2002
    Posts
    4,270
    Location
    Ohio, Jeromesville, Ashland County
    Tractor
    Jinma 284

    Default Re: wife get's big surprize

    Emailed one of my former co-workers he is still working there but got moved from engineering into shipping & receiving.

    From what I could tell they cut the higher paid people and Engineering department was hit pretty hard. along with the Customer Support department so I'm thinking they did this to push the company into going under. (Remember one of our BIGGEST competitors had bought us out 3 months ago.)

    They did not say anything yet about the 401Ks of which I have already done the shift into my IRAs for 2 or 3 jobs in the past. I'm great with that as I SELF Manage my IRA in Scottrade and invest in the market. I'm up about 30% in 5 years of self investing whereas the 401Ks all were lucky to break even and in the one case it was 40% loss on my capital circa 2001

    I had eye doctor appt setup weeks ago for today. Got there only to find out the insurance also was canceled the day they let us go even though they said they were going to continue to take out our medical payments from the severance checks...

    I DID stop at the Department of Veterans Affairs county office about getting "Re-Educated" hope they dont apply me to the "Obama reeducation camps" otherwise I might figure out I'm better off setting at home playing video games for 99 weeks while texting on my obama phone... Next thing ya know I'm voting for democrats :O (Ahh J/K guys I would NEVER do that )

    Mark
    I may remember why I went to the other end of the shop, I'm just afraid once I get there I'll forget how to get back!

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