Is a nonqualified deferred compensation distribution a nonqualified 'pension' plan?

I have a W-2 Wage and Tax Statement that has an amount in box 11 ( Nonqualified Plan).  No amounts in boxes 3,4,5,or 6.There is a question on Turbotax if this amount is a distribution from a Nonqualified 'Pension' plan.

Leonard
Intuit Alumni

Retirement tax questions

Yes, the amount reported in Box 11 Form W-2 is a distribution from a Nonqualified 'pension' plan.

Box 11 is used to report amounts distributed to you from your employer's non-qualified deferred compensation plan this amount is taxable.

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sclma
New Member

Retirement tax questions

Ok, but how do you set that up in QB to process and report properly?

Retirement tax questions

QB is for business use  and not for personal income record keeping. 

Retirement tax questions

Are you preparing a W2 to give to your employee?

sclma
New Member

Retirement tax questions

Yes I am.  However, I do not see in QB Desktop how to create a pay item so that it will populate the W2 correctly.  We are taking into account the special timing rule to pay the FICA taxes all in 2021.

sclma
New Member

Retirement tax questions

Critter-3.  I am using it for business purposes.  

Retirement tax questions

OK ... so you are using QB to complete Business filings for payroll  then you need to talk to QB  and  not post on the TT forum.     https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us

 

 

sclma
New Member

Retirement tax questions

thanks for that information.  When I was doing as search - TT is the only thing that popped up that even addressed the issue.

Retirement tax questions

Use the QB program help option to see what to do in the QB program and/or contact QB support.