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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.
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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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Retirement tax questions
Ok, but how do you set that up in QB to process and report properly?
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Retirement tax questions
QB is for business use and not for personal income record keeping.
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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.
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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
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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.
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Retirement tax questions
Use the QB program help option to see what to do in the QB program and/or contact QB support.