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Can you withdraw from a deferred compensation account for college expenses?
Wiki User
∙ 14y ago
The taxable amount of any distributions from a deferred compensation plan will be added to all of your other gross worldwide income and tax at your marginal tax rate for the year of the distribution.
Go to the IRS gov web site and use the search box for Publication 575, Pension and Annuity
go to Tax on Early Distributions
Distributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax unless an exception applies. For more information about the treatment of retirement plan distributions, refer to Publication 575, Pension and Annuity Income.
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Wiki User
∙ 14y ago
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Is an IRA considered deferred income?
When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.
Deferred revenue expenditure?
Deferred expenditure refers to expenses incurred which do not apply to the current accounting period. Instead, they are debited to a 'Deferred expenditure' account in the non-current assets area of your chart of accounts. When they become current, they can then be transferred to the profit and loss account as normal.
What type of account is Deferred Commissions?
Liability
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
Can you withdraw from your irrevocable trust account?
Yes
What is a deferred annuity fund?
A deferred annuity fund is an annuity contract that does not pay out income or installments until the customer decides to withdraw the funds from the account.
Is an IRA considered deferred income?
When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.
What is the name for reimbursement accounts for qualified medical and childcare expenses?
What is the name for reimbursement accounts for qualified medical and child care expenses? A. cafeteria plans. B. deferred compensation plans. C. option plans. D. flexible spending accounts. d
Deferred revenue expenditure?
Deferred expenditure refers to expenses incurred which do not apply to the current accounting period. Instead, they are debited to a 'Deferred expenditure' account in the non-current assets area of your chart of accounts. When they become current, they can then be transferred to the profit and loss account as normal.
What is annuity fund?
A deferred annuity fund is an annuity contract that does not pay out income or installments until the customer decides to withdraw the funds from the account.
What is a annuity fund?
A deferred annuity fund is an annuity contract that does not pay out income or installments until the customer decides to withdraw the funds from the account.
Can the president receive any compensation from the federal government while in office?
He receives a salary and had an expenses account to use while on government business. I do not what else you may mean by compensation.
When can an account receivable account be deferred?
is accrued assets
How do you make withdraw from inoperative pf account?
Shall i withdraw my pf amount from inoperative account
What type of account is Deferred Commissions?
Liability
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
How do you use withdraw in a sentence?
The secret to saving money is to put more in the account than you withdraw from the account.
