Quote:
Originally Posted by gpk111
No way anyone can tax you on the entire $360k. Please re-read my prior post differentiating non-taxable payouts from exclusion ratios. Sounds like the bank is pursuing the wrong question or they're miscommunicating to you.
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I agree. If taxes were paid on the $160K, I don't think it matters whether you take a lump sum or over 5 years, you shouldn't owe taxes on money that has already been taxed.
I also agree that the bank advisor is either confused or not explaining the issue correctly.