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peggy28210
New Member

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

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?

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LindaA
Level 10

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

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


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3 Replies
LindaA
Level 10

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

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


Dowappy2002
New Member

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

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

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

@Dowappy2002 

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

answer YES to the confusing TurboTax question.

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