No, There are differences between a Non Qualified Annuity and a Company sponsored retirement plan.
- A qualified plan is an employer-sponsored retirement plan that complies with IRS requirements for receiving tax-deferred treatment. a Non-Qualified Annuity is a pension Fund, but is different from a mention.
- A Non-Qualified Annuity is individually funded with after-tax dollars. When you take money out, only the earnings are taxable as ordinary income.
- They are reported similarly on your tax return.
- They will both receive a 1099-R.
- Take your time to complete the entire interview and carefully read every question.
- Please see IRS article Pensions – The general rule and the simplified method
To Post a 1099-R
Log into TurboTax
- Under Federal
- Select Wages & Income
- Scroll to and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Now Edit or Add another 1099-R
- Enter your Broker or plan administrator information.
- Follow the interview.