Please interpret the tax code for us and let us know how to answer TurboTax's question.
This is not an employer questions. The question is whether or not employer-paid life insurance premiums for a retiree, to give coverage over the $50K limit, are considered a distribution from a non-qualified plan or considered a contribution a non-qualified plan. The amount is premium paid by a (former) employer to a retiree. The retiree is not receiving money. The retiree is not paying money. Nor is the retiree contributing to their non-qualified plan. TurboTax should add the question as to whether this is for a employer-paid life insurance and then apply the tax law appropriately.
Please interpret the tax code for us and let us know how to answer TurboTax's question.
