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3921 instructions 2024 Form: What You Should Know
Use Form 3520 to determine whether the exemption was actually paid; Form 3520(EZ) to determine whether the exemption applies. An award or prize in lieu is an option to buy a future product or service when the company makes a commitment to deliver the product or service, or the company has the promise to pay a specified, but nondeterminable, amount, as a cash or in kind payment, to the employee or former employee upon the performance of the employee's duties or the death of the employee. For 2018, the taxable portion of any award given to an employee under a nonqualified deferred compensation plan is 3,921, for the taxable portion of any award paid to an employee under a nonqualified deferred compensation plan, any part of the plan includible as gain (if any) under section 551 is subject to tax on that amount, and any compensation under a nonqualified deferred compensation plan is not subject to tax on that amount of compensation. For nonqualified deferred compensation plans covering taxable years 2024 through 2020, the tax includes 5% of the value of compensation under each plan as well as the 3,921 taxable gain if any. For plans covering taxable years 2024 through 2023, the tax includes 6% of the value of compensation under the plan or 3,359, plus any 6,269 of any nonqualified deferred compensation under the plan (or 3,601.99 if the amount is over 6,269), plus the employee's compensation under the plan (not includible in gross income). For nonqualified deferred compensation plans covering taxable years 2024 through 2027, the tax includes 6% of the value of compensation under each plan and 3,359, plus any 3,359 of any nonqualified deferred compensation under the plan (or 3,601.99 if the amount is over 3,601.99), plus the employee's compensation under the plan (not includible in gross income). For 2018, for each plan the pay subject to tax is an amount equal to the sum of 3,359 and the amount of compensation under the plan for this plan year. There's a little more to it than just that.
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