UPS Special Pension Buyout Offer - December 2016

[UpstateNYUPSer(Ret)]

So does anyone know if i can get the 20% in federal taxes back on my tax formes next year cause i have several dependents and not much in income this year because I was injured and missed several months of work

Most likely you would get most if not all of the $3,500 back.

The taxes are withheld as a courtesy to you.

When you file next year you would report the $17,500 distribution and the $3,500 of withheld taxes. You will not get the 10% penalty back.

 

[IVE GOTTA PACKAGE 4U]

So does anyone know if i can get the 20% in federal taxes back on my tax formes next year cause i have several dependents and not much in income this year because I was injured and missed several months of work

It would be a huge mistake if you took that money right now.

 

[UpstateNYUPSer(Ret)]

It would be a huge mistake if you took that money right now.

...without rolling it over...

 

[twoweeled]

"We were" sounds past tense....you did give me a good chuckle with the PCBT ordeal, lol.

Yeah, some are probably still laughing. That's the way it goes! LOL!

 

[Catatonic]

Most likely you would get most if not all of the $3,500 back.

The taxes are withheld as a courtesy to you.

When you file next year you would report the $17,500 distribution and the $3,500 of withheld taxes. You will not get the 10% penalty back.

Courtesy!
That's priceless there Dave!
Sarcastic humor done well!

 

[Jackburton]

I was employed for ten years and if I wait for retirement I would receive around $450 per month. I started the process to take the lump sum now after getting the post card in the mail, and it shows that I would receive $17,500.

I was ecstatic and ready to take this NOW, until the next screen told me that 20% would be taken out for Federal taxes, 10% for early withdraw, and since no state taxes are withheld, I could lose even more. This is ing ridiculous. I could lose almost half of my lump sum because our government is a bunch of ing crooks.

Does anyone know how I can find out exactly how much will be stolen from me so that I can decide whether to take the money or not?

Oh yea... the government. They don't give a smilet about us.

Do you say the same thing, sans the 10% penalty, every payday? There's only two places I'm aware of investment money grows tax free, 529 accounts and Roths, both are after tax contributions.

 

[By The Book]

...without rolling it over...

It's still only about 12 grand that way. You have mentioned before the upside of waiting.

 

[UpstateNYUPSer(Ret)]

It's still only about 12 grand that way. You have mentioned before the upside of waiting.

Huh?

If you roll it over directly in to an IRA you get all of the lump sum payment.

 

[By The Book]

Huh?

If you roll it over directly in to an IRA you get all of the lump sum payment.

In previous posts on this subject you advocate the huge difference that you'll get long term if you wait. This per month times twelve times twenty five....I'm surprised this wasn't mentioned by you is all. He won't get squat with that payout, it's better to wait until retirement.

 

[seans410]

$17K less 20% is $13,600.

Do yourself a favor and do the math (monthly pension payment times 12 times the number of years that you are expected to live). You will find that the $17K is not nearly enough.[/Q


what about the additional 10% do you know anything about that??

 

[seans410]

so they said I would get 18,927.21 I worked PT for 12 years and its 20% of that witch brings it to 15,300 but what about the additional 10% for not rolling it over and would I get any of that back during tax season?

 

[UpstateNYUPSer(Ret)]

In previous posts on this subject you advocate the huge difference that you'll get long term if you wait. This per month times twelve times twenty five....I'm surprised this wasn't mentioned by you is all. He won't get squat with that payout, it's better to wait until retirement.

Ideally it would be best to wait; however, he sounds like a "paycheck to paycheck" kind of guy.

 

[UpstateNYUPSer(Ret)]

so they said I would get 18,927.21 I worked PT for 12 years and its 20% of that witch brings it to 15,300 but what about the additional 10% for not rolling it over and would I get any of that back during tax season?

You would get most if not all of the 20% back.

The 10% is a penalty for early withdrawal and you won't get that back.

 

[Annettem]

I worked for ups for 22 years, some part time and some full time, my question is; this buy out they are offering us is this just for the part-time years you worked there. If so dose that mean that we still have a pension from Central State, which is Teamsters. Because I know that UPS
took over the pension in 2008. Dose anyone know this answer

 

[UPSandy36109]

I worked for ups for 22 years, some part time and some full time, my question is; this buy out they are offering us is this just for the part-time years you worked there. If so dose that mean that we still have a pension from Central State, which is Teamsters. Because I know that UPS
took over the pension in 2008. Dose anyone know this answer

After carefully reviewing the paperwork I'm going to take the buyout.
First, to get essential stuff that literally can't wait until the next tax year. I know it's bad, but it is how it is.
Second. The policy states that one way you will not owe the additional 10 percent is in case of disability. I medically retired from Brown because of injury and am actually on SSDI. So not the 10 percent to worry about.
I can probably get the twenty percent back on my taxes, according to a CPA. I really don't make enough to be in anything but the fifteen percent bracket anyhow.

 

[brownmonster]

You would get most if not all of the 20% back.

The 10% is a penalty for early withdrawal and you won't get that back.

The 18k would go on top of his present income. Depending what he makes a year, could be more then 20%

 

[seans410]

The 18k would go on top of his present income. Depending what he makes a year, could be more then 20%

I make about 50,000 a year would do you think I would see that 20% on top of what I would get around tax season?

 

[seans410]

What is the website to fill it out online ??

 

[UpstateNYUPSer(Ret)]

What is the website to fill it out online ??

www.jgwentworth.com/it'smymoneyandIwantitnow

 

[seans410]

www.jgwentworth.com/it'smymoneyandIwantitnow

It says page not found when I click on that..