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Help with 1099-c


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It means total value, not the "interest" as in interest you get on a bank account. So you need a net present value calculation. These are done all the time in cases of divorce, so that the net dollar amount can be added to other marital assets in order to divide. Think about it in terms of what you would pay TODAY for an inflation adjusted stream of income of <fill in the blank> per month for life. The number is usually high. As I posted before, people tend to undervalue the net worth of their pensions.

Your pension administrator should help you out with the present value calculation. Your 457 plan is just the total value.

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