Can I claim this deduction if the entire amount of my Deferred Compensation Plan assets are paid to me in twelve monthly payments in a single calendar year?
No. Periodic payments are defined as a series of payments that are made in at least two calendar years. You will not be eligible for the income tax deduction if your entire Plan account balance is paid to you in one calendar year, even if your distributions were received in twelve monthly periodic payments.
Related Questions
- Can I claim this deduction if the entire amount of my Deferred Compensation Plan assets are paid to me in twelve monthly payments in a single calendar year?
- Can a participant consolidate his assets by rolling over funds from other plans into the Deferred Compensation Plan?
- Can a participant use his Deferred Compensation Plan assets to buy-back pension service credit?
