LindaS5247
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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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