Lump-Sum Payments From Nonqualified Deferred Compensation Plans To Nonresident of New York Are Exempt From New York Income Tax | White & Case LLP International Law Firm, Global Law Practice
Lump-Sum Payments From Nonqualified Deferred Compensation Plans To Nonresident of New York Are Exempt From New York Income Tax

Lump-Sum Payments From Nonqualified Deferred Compensation Plans To Nonresident of New York Are Exempt From New York Income Tax

A recent advisory opinion from the New York State Department of Taxation and Finance concludes that payments received by an individual nonresident of New York in settlement of his benefits under two nonqualified deferred compensation plans of his former employer are exempt from New York State and local income tax, even though he performed services for his former employer in New York and each payment was made in a single lump-sum.

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