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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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I 't know if I am asking the right person this question...

Customer Question

I don't know if I am asking the right person this question...
My husband passed away in 2001 he worked for his company I think for 18 years. He made a good salary about $300-$350k....and I was never told about his pension benefits....even tho I thought he did have them...
Fast forward to today I received a letter from the company saying I have his pension benefits and they are making changes and how would I like my benefits...lump sum or rolled over.
I called to inquire and they said I should have been getting monthly checks!!!! Which I have not. I asked what the amount is of this pension and they said they have to put in a manual request and get back to me in about 10 days.
What are your thoughts?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your question.

Customer: replied 1 year ago.
Did you have a question for me?
Expert:  Mark Taylor replied 1 year ago.

Sorry, I had to step away from the computer. How much the pension benefit? Do you know what the lump sum amount would be?

Customer: replied 1 year ago.
No I do not....he did contribute substantially
Expert:  Mark Taylor replied 1 year ago.

How old are you? What is your current financial situation? Do you need the money? If you take it as a lump sum the taxes are likely to be higher.

Customer: replied 1 year ago.
I am 51 no I am not in need of it......
How much could this possibly be? He was a VP
Also, are there ramifications for them not sending me the Monthly checks?
Expert:  Mark Taylor replied 1 year ago.

I do not believe that there would be ramifications. The benefit is that the account continued to accrue gains during this time. Based on your husbands salary I would imagine that this account would be quite substantial.

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