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Retirement tax questions
You can ask the issuer of your Form 1099-R if the retirement plan is a qualified plan or not.
Some ways you can tell if it's a qualified plan are as follows:
Non-Qualified plans are plans that you funded out of your own pocket, not getting any kind of deferred-tax benefit at the time.
If your employer funded this plan, and if your employer got the deferred-tax benefit, and it's a Qualified plan.
If you paid into this plan and had your payments excluded from your income, it's a Qualified plan.
If Required Minimum Distributions apply to this plan, it's a Qualified plan.
If your 1099-R shows that all of your payout is taxable, it's a Qualified plan (if Non-Qualified, only the capital-gains part of your payout would be taxable).
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February 5, 2024
10:30 AM