The original company doing the trust for my retirement stopped doing it. They are giving out a one time payment and I need to know if I pay taxes on this?
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Hi Benscoro,
If the money in your retirement account is pre-tax you would be responsible for paying tax on the distribution. One way to avoid paying tax at this time is to open a Rollover IRA at a different financial institution and ask the retirement company to move the funds directly into that account. Here is some information on how to complete a rollover in case that is something that you are interested in doing.
Good luck with your situation and let us know if you have additional questions.
AnthonyC_CPA
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