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Level 1
June 4, 2019
Solved

How can I tell if my pension plans are qualified plans?

  • June 4, 2019
  • 3 replies
  • 51 views

My husband and I are receiving a handful of little pensions. In each instance, we had the option to cash out or receive monthly distributions. We chose the later.  Can we consider these qualified plans?

Best answer by LindaA

The TurboTax FAQ below discusses qualified plans (be sure to click See entire answer). Most employer-sponsored retirement plans are qualified plans. 

https://ttlc.intuit.com/replies/3301001


3 replies

LindaAAnswer
Level 10
June 4, 2019

The TurboTax FAQ below discusses qualified plans (be sure to click See entire answer). Most employer-sponsored retirement plans are qualified plans. 

https://ttlc.intuit.com/replies/3301001


Level 2
April 15, 2022

I get monthly distributions from my federal retirement plan.  Turbotax asks me "what did you do with the money from OPM?  a.  move to another account or b. cash out -  

 

Is my monthly distribution considered a "cash out?"

fanfare
Level 15
April 15, 2022

@Dowappy2002 

you neglected to tell TurboTax that all that income is RMD.

answer YES to the confusing TurboTax question.