Guys and Gals, this is going to be a big one, covering thousands and thousands of people.
Client is a GM worker (and I heard Ford is going to do the same thing). He is being offered a "buy-out" so that GM can eliminate his job. Lump Sum payment in 2006 of $140,000, or $1300 per month when he reaches age 65. Since he won't be 65 for 20 more years, he's going to take the $140,000 lump sum. Fully taxable of course.
Do these folks get any tax break at all on this?
Thanks, Snag
Client is a GM worker (and I heard Ford is going to do the same thing). He is being offered a "buy-out" so that GM can eliminate his job. Lump Sum payment in 2006 of $140,000, or $1300 per month when he reaches age 65. Since he won't be 65 for 20 more years, he's going to take the $140,000 lump sum. Fully taxable of course.
Do these folks get any tax break at all on this?
Thanks, Snag
Comment