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New Member
posted Jun 4, 2019 1:29:57 PM

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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1 Best answer
Expert Alumni
Jun 4, 2019 1:29:59 PM

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
Expert Alumni
Jun 4, 2019 1:29:59 PM

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


Returning Member
Apr 15, 2022 8:33:27 AM

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?"

Level 15
Apr 15, 2022 9:45:21 AM

@Dowappy2002 

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

answer YES to the confusing TurboTax question.