Question

Nonqualified Plan Income Questions in TurboTax

Forum|Forum|2 years ago
February 4, 2024
1 reply
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I have a W-2 for a supplemental pension that has the same amounts in Box 1, Wages, and Box 11, Nonqualified Plans. Why does TT then ask me if this income is from a Nonqualified plan? And, what are the consequences of checking or not checking that box?

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RobertB4444

Your plan is clearly non-qualified. Non-qualified plans do not allow the employer paying them to deduct the costs. Qualified plans benefit the employer a lot more.

@SaratogaJoe

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S

SaratogaJoeAuthor

I understand that part. What I do not understand is why TT asks me to check the unqualified plan box after I have already entered the amounts I received as from an unqualified plan in Box 10 of the W-2 entry form. Are they asking about that income or other income on that W-2?