UPS Special Pension Buyout Offer - December 2016

[Jkloc420]

Exactly

i got my gold coins from @Tony Q finally

 

[IVE GOTTA PACKAGE 4U]

i got my gold coins from @Tony Q finally

About time

 

[Shecoope]

i got my gold coins from @Tony Q finally

What kind of gold coins

 

[burrheadd]

What kind of gold coins

doubloons

 

[clean hairy]

doubloons

No ruebles?

 

[Jkloc420]

About time

gold coinssssss er

 

[Pizza]

Plus another 10% penalty for early withdrawal and you will still owe your state taxes. Also, this will count as ordinary income so your income tax bracket has most likely changed. Better set some aside to pay to the IRS in April.

Maybe.
Could be that the 20% on the distribution is enough to cover the 10% penalty when taxes are filed and not owe any additional. Might even get some of the 20 refunded. Every situation is unique.

 

[Gipsee]

Check your email. I received an email letter from the program. It was in my SPAM folder.

 

[Shecoope]

Got the same email too

 

[Shecoope]

Check your email. I received an email letter from the program. It was in my SPAM folder.
View attachment 274634

I got the same email too it was sent November 28 I was wondering if it was real or not

 

[UpstateNYUPSer(Ret)]

Maybe.
Could be that the 20% on the distribution is enough to cover the 10% penalty when taxes are filed and not owe any additional. Might even get some of the 20 refunded. Every situation is unique.

The 20% is in addition to the 10% early withdrawal penalty. He will probably get most of the 20% back when he files; however, he will not get any of the 10% back.

 

[UpstateNYUPSer(Ret)]

Now I see what the company is doing.

They are direct(ly) depositing only the cash out portion of the lump sum payout, less the 10% penalty and 20% taxes, and they are mailing a check for the balance. If you deposit the check in to an approved retirement account (IRA, 401k) within 60 days you will not be charged the 10% or 20%. If you decide to keep the money it will be treated as a distribution and you will be charged both the 10% and the 20%.

 

[Shecoope]

Judging by the posts back from the last buyout in December 2016 I seen where they said by the 22nd this year they are saying by the 23rd of December they might start hitting bank accounts by December 16 of this year don’t know

 

[UpstateNYUPSer(Ret)]

 

[Shecoope]

Now I see what the company is doing.

They are direct(ly) depositing only the cash out portion of the lump sum payout, less the 10% penalty and 20% taxes, and they are mailing a check for the balance. If you deposit the check in to an approved retirement account (IRA, 401k) within 60 days you will not be charged the 10% or 20%. If you decide to keep the money it will be treated as a distribution and you will be charged both the 10% and the 20%.

Do are they automatically taking out the 20% or am I going to have to wait to file and then pay later

 

[Gipsee]

Do are they automatically taking out the 20% or am I going to have to wait to file and then pay later

Automatically take 20%

 

[Gipsee]

I got the same email too it was sent November 28 I was wondering if it was real or not

I called to ask if they sent an email.

 

[Shecoope]

I called to ask if they sent an email.

Did they said they did

 

[Gipsee]

Did they said they did

Yes and she told me what it said.

 

[UpstateNYUPSer(Ret)]

Do are they automatically taking out the 20% or am I going to have to wait to file and then pay later

Yes and she told me what it said.

There is nothing in that email that indicates either although I have to agree with @Gipsee.