Question about pension and Locked in Funds transfer option
Hi there I left my job and have a DB Pension. Only a few years i worked there. I am transfering part of the pension into a LIRA. The other part I will take as cash. They are charging a 30% TAX on that cash. Lets say im eligible for 10 000, so I will only get 7000. Is that 7000 that gets deposited also taxed and/or added to my income when I do my taxes at the end of the year? Thank you.