Sentences with phrase «deductions on the lump sum»
You can withdraw and use the money, but you'll have to pay it back to avoid deductions on the lump sum payout given to your beneficiaries.
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If instead of a lump sum contribution you are making annual contributions a greater difference in fees is required for the focus on fees to outweigh the state income tax deduction.
For example, consider a lump sum investment of $ 10,000 in two plans with a 5 % annual return on investment, one with annual fees of 1.1 % and a state income tax deduction that is the equivalent of a 4 % discount and one with annual fees of 0.8 % and no state income tax deduction.
If the lump sum payment is made through the estate of the deceased member, the amount of the deduction depends on the extent to which an eligible dependant is expected to benefit from the estate.