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Get your taxes done using TurboTax
While entering the W-2 from my previous employer for executive deferred compensation (SERP) I was also confused regarding how to answer the "Did you take money out of your non-qualified pension plan?" question. My search of the Community turned up the answer (Question and Answer shown below), so I checked "Yes I took money ..." and completed the W-2 entry. When all my income was entered and the review Wages and Income summary appeared I saw that the amount I had entered for this W-2 was showing up in the "Other Income or Loss" line rather than "Wages and Salary"where I had entered it.
I did another search in Community regarding why the W-2 income was showing up in the Other Income or Loss and found this answer, Which instructs users to select the "No, this is money I ..." option. Now I'm more confused because these answers directly conflict. Can you please clarify which is the correct answer?
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Nonqualified Pension Plan - Taking money out vs Contributing
When entering the W-2 for the Executive Deferment (which my husband contributed to) the Turbo Tax question is "Did you take money out of your non-qualified pension plan?" The two possible answers are: "Yes, I took this money out of my nonqualified or Sec 457 plan" OR "No, this is money I contributed to my nonqualified or Sec 457 plan." This is money he is receiving quarterly (he's retired) but he did contribute to the amount while working. Which answer is correct?
Thank you for your help.
If he is receiving money quarterly from the plan, then you answer, "Yes, I took money out of this nonqualified or Section 457 plan"..
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