gwr@cord.UUCP (GW Ryan) (01/26/85)
hope somebody can help me with this. At my old job, I had a CODA plan. I managed to save about 5K. I changed jobs (thank God, but that's another story!), and I am getting this money in a lump sum. I am hoping to buy a house shortly, and could use the 5K. The problem is, it has had no tax withheld from it. When I get this money, do I have to pay taxes on it immediately? Or can I defer tax payment 'till the end of the year (that is, take the 5K and claim it as income at the end of the year). The latter sounds nicer since I'll have deductions for the house, and also because I'll be able to use the whole 5K. Or is there another alternative? any help much appreciated; you can reply by mail thanks, jerry ryan Bell Labs, Piscataway cord!gwr