What would you like to do?

Is the supplemental executive retirement plans SERP taxed before the benefit is received?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Is the supplemental executive retirement plans SERP taxed before the benefit is received?
Can vary from plan to plan...qualified or non-qualified is important. This can be a very complex field, some basics: All amounts deferred under a nonqualified deferred compensation (NQDC) plan for all tax years are currently includible in gross income to the extent not subject to a substantial risk of forfeiture and not previously included in gross income, unless the plan: ... meets specified distribution, acceleration of benefit, and election requirements; and ... is operated in accordance with these requirements. ( Code Sec. 409A(a)(1)(A)(i) ) If a NQDC plan doesn't comply with the Code Sec. 409A rules, all amounts deferred under the plan for the tax year and all prior tax years, by any participant to whom the failure relates, are included in income for that year to the extent not subject to a substantial risk of forfeiture and not previously included in income. This amount is also subject to: (1) interest (at the underpayment rate plus one percentage point) on the tax underpayments that would have occurred had the amount been included in income for the tax year when first deferred, or if later, when not subject to a substantial risk of forfeiture; and (2) a penalty of 20% of the compensation required to be included in income. ( Code Sec. 409A(a)(1)(B)
Thanks for the feedback!
Can your ex wife receive social security benefit when you retire?

Can your ex wife receive social security benefit when you retire?

Yes: If the ex-husband is currently collecting and they have been married for at least 10 years prior to the divorce. Also, if the husband has not yet filed a claim, the ex-wi
Do you pay tax on Social Security benefits after retirement?

Do you pay tax on Social Security benefits after retirement?

If you are retired and Social Security benefits are your only source of income, you will need to file, but generally will not be taxed. If you received income from sources oth
Can a convicted felon receive Social Security retirement benefits?

Can a convicted felon receive Social Security retirement benefits?

An otherwise eligible convicted felon may receive Social Security disability or retirement benefits when he or she is not incarcerated for more than 30 days and has no outstan

What is the minimum amount of income in retirement benefits before required to pay taxes?

  A lot of it depends on the type of plan it's coming from...something like a 401k, deferred on the way in, is always taxable, (at a ratio) on the way out.   Most of th

Can exwife receive Retirement benefit?

  It depends on the state where you married and the state where you resided. In a community property state, all property that is acquired during marriage - including retir

Will you receive disability benefits if you have a disability plan?

The disability has to be 'approved' by a panel of people, one or several of which could be medical doctors. Just because you or your employer have a 'plan' that includes disab

When can you receive your social security retirement benefits?

You can receive social security benfits at the age of 65 or if you were born after 1959, 67. This is said to possibly increase with the increasing number of older individuals

How are supplemental executive retirement plans SERP taxed once the benefit is received?

  There are many different ways they can be set up, and many different vehicles for the funds...but generally: On set up the money put in them is NOT taxed to the employee

What retirement benefits do congressmen receive?

You may have read that Members of Congress do not pay into Social Security. Well, that's a myth.   Prior to 1984, neither Members of Congress nor any other federal civil se

Can you receive disability and retirement benefits?

I do. I have received disability since 2005 and just started 2010 drawing my portion of my x's retirement. I didn't receive enough in disability to file a return but now with

What are two tax benefits of the 401k plan?

one benefit is that you don't have to pay income taxes on the money contributed to the account or any growth it experiences until you withdraw the funds. another benefit may b

What are the Advantages of tax deferred retirement plans?

  Answer   First off, there are very few, if any, disadvantages.   Advantages include the basic concept that paying taxes later, in this case frequently much late
Tax planning-what are the benefits of tax planning?

Tax planning-what are the benefits of tax planning?

Tax Planning is all about putting your hard earned money to YOUR good use instead of all going to the government. It doesn't mean not paying your taxes, it just means being sm