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409A - need to cancel deferral election


benefitsguru

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Can it be done? Sure. However, it's not only the amounts deferred to date that would be subject to the additional income tax. The cancellation of the deferral election would also likely be deemed an acceleration of benefits for amounts not deferred.

 - There are two types of people in the world: those who can extrapolate from incomplete data sets...

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If you are very sophisticated and appropriately cautious, you might consider the general doctrine of rescission. If you believe it applies under 409A, it might not be avaliable under the facts because the election was made in the prior year. The devil is in the details and the doctrine is fuzzy.

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