Originally Posted by
Timbo
$165,000 of my note/claim money (about $400,000 total) went directly to the IRS, remember? There was no way to roll it over to an IRA/401K at the time so it was all considered taxable income, which put most of us into the highest tax bracket. Uncle Sam was the only one who made out, as usual.
This all happened about the same time my twins were starting college at an out of state university, that's where most of the rest of it went.
Timbo, I am not sure why your note/claim ended up less then mine since I was junior to you. I think perhaps you are forgetting that there were several payouts and that DALPA managed over a 3 year period to shelter about 140 thousand or so in our retirement accounts. In addition you then had the option to roll it to a ROTH IRA or recover the tax via a conventional IRA. If you pulled the money out of the retirement account you paid a huge penalty. I also had two kids going to college during that period.