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Asked 5/18/2008
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My husbands lump sum severence pay My husband is receiving a lump sum severence pay in the amount of $300,000.00 this year. Is there any way other than his 401K to defer some of the taxes until next year? His 401K is not fully funded for the year and the company is telling us they can't with hold monies from his severence to finish funding his 401 K. Can we open IRA accounts even though he has a 401K plan? Are there any other ways to defer taxes on this income to other years? |
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