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  1. Joel, No, I didn't hear from a representative. I phoned to let the company know of his death. They sent me the paperwork with the different options. Gosh, it seems like a world ago. Wish I knew then what I know now.
  2. Waivers are granted for this? There is such a thing? I can try. Thank you.
  3. Thanks Yanikoski. A few questions: "Investments that earn mostly capital gains" Are you referring to growth mutual funds, index funds and/or individual stocks? "Home improvement" Can you explain that? Is it deductible? If so, a new kitchen might be a plus! My husband died in Dec. so next year I'll be filing as a widow. Aren't the tax brackets similar to married filing jointly when you file as a widow? I'll have to look that up. Thank you so much for your input.
  4. It's been 85 days since the date on the check. The TSA was worth 59,500 (approx) and after state and federal taxes were taken out (20%) I was left with 44,600 (approx). My husband's TSA was not a 403b account, just a tax-sheltered annuity from a private life insurance company.
  5. Joel, I'm a teacher, 54 years old. Gross salary just under 40K, responsible for 2 others, I do have a retirement plan with my state which means that I cannot collect social security. My husband didn't know that his TSA money could be rolled over, I'm sure of that, and when I called the company to receive the lump sum, they did send the forms explaining it all to me. In my widowed ignorance, I just checked the box for lump sum. I am quite embarassed to admit to this now that I understand a bit more. Thank you for taking the time to help me out.
  6. Hello, I'm writing to ask a question,and hopefully receive advice. My husband recently passed away and following his directions to me, I cashed out his TSA and quite ignorantly deposited the money into my bank account. I knew nothing at the time about rolling it over into an IRA or other tax sheltered plan. The time limit has passed, and I'm left with about 40K (withholding has already been taken out but I'll have to report about 60K of income on next year's taxes.) Now even if I want to invest it into mutual funds, I'd have to pay taxes each year on the dividends, interest and capital gains. I have not yet started a 403b plan for myself so this is what I was thinking of doing. I'd invest largely (almost the maximum for me) in the 403b (various Vanguard Funds) right off the top of my salary, and supplement my then **very** meager take home pay with what I got from my husband's TSA. My income taxes would be based on the reduced salary amount, thereby lowering my adjusted gross income. Is this crazy? Do you see any holes in this? Thank you for any insights you may want to share.
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