§ 301-11.527 - If I elect a lump sum payment, how is the ITRA paid?  


Latest version.
  • (a) Reimbursement is as illustrated:

    Lump Sum ITRA Tax Paid to Employee

    ITRA reimbursement for tax year 1993$14,435
    Federal Tax liability on ITRA Reimbursement (@ 28%)4,042
    VA State tax liability (@ 5.75%)830
    Local tax liability0
    Total reimbursement19,307

    (b) Reimbursement of the ITRA and the tax on the ITRA is a final lump sum payment with no further reimbursement. You will be responsible for any income taxes due on $19,307.