Tuesday, May 4, 2010

US Nortel Claims tax implications

Earlier I wrote about my question to the IRS about the possibility of rolling over any payments from my Nortel US claim into a tax deferred IRA. I was contacted yesterday by the tax advocate who had forwarded my letter on to a pension tax expert.

The response was that any distribution from a non-qualified pension was not eligible to be rolled over.

I don't think they spent much time examining my question, so I plan to continue with the next step. The tax advocate told me that I could write what is called a private letter appeal. I plan to do that and will let you all know the results of my enquiry.

Yesterday I wrote about budgeting for the Canadian pension cut. I will post the first article on that later today. So look back later for that first bit of information that will hopefully be useful for you.

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