I receive $16,560.00 annually from Social Security Disability only income. I have been offered a Lump Sum Pension Benefit for less than $33,000.00. I wish to either have it sent directly to me to invest or have it rolled into an IRA to have it invested. My question is in doing so, will I be taxed on it if I take it as a direct payment instead of rolling it into an IRA. I contacted a Financial Advisor thru my Credit Union and on a Mutual Fund info I was given, the questions were as if I were asking for a Loan and not providing my funds for investment. I am limited in time to make my decision. Is there anyone who knows how this works. I called the IRS both National number and local number and was informed that no one available to answer questions until Tax Time. Isn't that just lovely for our Tax Dollars to provide for us? Please, I do appreciate any and all information that anyone can provide with this. Thank You.
Cecilia Marquez-Jensen
[email address removed]
