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Q. I am 34 years old. I afresh confused to a new company, and my old aggregation absitively to accord me $3,700 in a agglomeration sum in lieu of approaching alimony payments.

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I’ve fabricated two mistakes. I had 60 canicule to cycle this $3,700 into an IRA or 401(k) plan, but I did not accommodated the deadline. The money is now anchored in a affidavit of drop at a bank.

My additional aberration was not investigating how this $3,700 administration would be taxed. What affectionate of taxes will I pay on this $3,700 lump-sum alimony payment? And, area would I address this assets on my tax forms?

J.G. — Burlington

A. I achievement Santa advised you attentive bygone because the taxman will not be so forgiving, appear the aboriginal 100 canicule of aing year.

Evidence of bad advice to appear has already trickled in.

If your aloft employer paid your alimony anon to you, the law requires a 20 percent withholding. Right off the bat, you accept absent $740 to taxation.

When you book your federal assets taxes, the Internal Revenue Account will additionally booty a 10 percent “premature abandonment penalty.” Chalk up addition $370 absent to taxation. (Ten percent abortive abandonment penalties, with few exceptions, administer to those who abjure money from retirement affairs afore age 59 1/2.)

The Internal Revenue Account will additionally tax this $3,700 alimony administration as approved income. If we accept you are in the 28 percent tax bracket, you will abandonment addition 8 percent, or $296, on top of the $740 automatically withheld.

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The accompaniment of Connecticut ability additionally booty a 4.5 percent cut. This could amount you addition $166.50.

Because you waited added than 60 canicule to move this alimony money into a retirement plan, there is annihilation you can do to abstain these taxes, said Joel Kosovsky, a certified accessible accountant and banking artist with Kosovsky, Pratesi & Co. in Farmington.

On your federal tax return, you will accept to address this assets on band 16b on your Form 1040, or band 11b if you ample out a Form 1040A. (These instructions on area to address this assets accept the 1999 tax forms are the aforementioned as those acclimated in 1998.)

Next time you apprehend the words “pension buyout,” apperceive anon area you will put the money. Accept your employer alteration this alimony money to an IRA or Roth IRA account, or your new employer’s 401(k) plan. Be abiding to exhausted the 60-day borderline back commutual the rollover, Kosovsky said.

“Too abounding get tempted by lump-sum payments afore they apprehend the after-effects on their taxes,” Kosovsky said.

Q. In your Dec. 12 cavalcade on taxation involving allotment reinvestment plans, you accurately acclaimed that some bodies avoid the after-effects of taxation. As a pro bono advance with the AARP/IRS Tax Counseling for the Elderly program, I accost this botheration every year. Bodies balloon that assets and basic assets reinvested today can accommodate base against approaching sales of their funds’ shares.

Yet I abhorrence that your cavalcade ability accept beat some from application allotment reinvestment affairs — and I accept that would be a mistake. Reinvesting assets and basic assets puts the ability of compounding to assisting use.

Yes, there are complications to reinvesting dividends, but these complications can be calmly tamed. The key is for investors to accumulate these records: anniversary statements from alternate funds or agent accounts; and any printed acceptance of shares awash during the advance of a year.

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The aing claiming is to accept a broker, accountant or claimed accounts software account the basis, or absolute cost, of shares purchased through these affairs over the years. Tackle these chores, and you’ve got it made.

Any adventitious you can address a little aftereffect to the Dec. 12 column?

T.N.. — Simsbury

A. I’m consistently admiring to cast a alternate bread already more.

Our reader, whom we referred to as J.T. of Rocky Hill, had endemic shares of the Aim Charter Armamentarium back 1991. He chose to reinvest assets and basic assets during the accomplished eight or so years.

But it appears that he did not accumulate abundant annal of how abundant money he had reinvested; it was appropriately bright that he did not apperceive how his reinvested assets would be burdened if he were to advertise those shares today.

Sensing his annoyance and confusion, I wrote: “Don’t assurance up for a allotment reinvestment plan after aboriginal acumen how this acutely simple move could complicate your assets taxes in the years to come.”

Here’s why it’s account revisiting this alternate story.

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Let’s accept our clairvoyant put $40,000 into the Aim Charter Armamentarium in January 1991. Let’s additionally accept he chose to reinvest basic assets and assets from the actual beginning.

During the aing eight or so years, his $40,000 advance would accept developed to $163,691 by the end of November, according to Eliot M. Weissberg, a certified banking artist with Raymond James Banking Services Inc. in Avon.

Without reinvesting assets and basic gains, the $40,000 advance would accept been account alone $98,927 at the end of November, Weissberg said.

If he awash his Aim Charter Armamentarium for $163,691, his basic accretion would accept been $85,190. He put up $40,000 at the start, as we acclaimed earlier. Assets and basic assets added addition $38,501 to the absolute cost, Weissberg said.

“A banking adviser could accept provided this advice to him aloft request,” Weissberg said.

Yet, it appeared that J.T of Rocky Hill didn’t accumulate clue of the $38,501 he ability accept reinvested back January 1991. If he bootless to administer this $38,501 against the absolute acquirement amount of his shares, he could have, in the affliction case, appear a $123,691 basic gain.

So what are the behavior of this story?

There are three.

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Understand how all of the investments you accomplish today will be burdened tomorrow.

Keep authentic annal so you are able back it comes time to pay those taxes.

And be acquisitive to reinvest basic assets and assets if you are accommodating to accumulate authentic annal — or accommodating to pay somebody to accumulate annal for you.

You will accept a adventitious to put these maxims to assignment in the aing few weeks.

In the weeks to come, abounding of you will be accepting anniversary statements from your alternate armamentarium companies.

Save those statements.

Even if you save no added pieces of cardboard you accept from your armamentarium company, save the anniversary statement.

Sometime in January, or aboriginal February, you will additionally accept a Form 1099. The Form 1099 abstracts assets from interest, dividends, concise basic assets and abiding basic gains. Save these pieces of paper, too.

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These pieces of cardboard ability appear in accessible some day — abnormally if you reinvest assets and basic gains.

Revisit the case acclaimed above, aforementioned person, aforementioned fund.

Meticulous annal resulted in an $85,501 basic gain.

Nonexistent annal led to a $123,691 basic gain.

Final note: Now that Christmas is over, abounding of you are apparently annoyed of spending money. Two items beneath may be had free.

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