Jump to content

Refund of FICA for Nonaccount Balance Plan


Guest yahoo

Recommended Posts

Guest yahoo

Company has a nonaccount balance nonqualified SERP where participant is vested after 10 years of service. No FICA was withheld during those years of service. From the period 1993-1996, several participants began to receive annuity payments when they retired and FICA was withheld from the annuitized amount each year they received the annuity. Company should have withheld all of the FICA at once by calculating the present value of the annuity at retirement. Many of the participants had offsetting income at that time so that only the HI portion would have been taxable. May Company request refund for FICA that was overwithheld? What authority in the regulations?

Link to comment
Share on other sites

Guest Harry O

Your options all depend on what years are still open for payroll tax purposes.

Take a look at 31.3121(v)-1(g)(3). Also look at Example 6 under -1(g)(5).

Good luck.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...