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granitehead
Returning Member

How to answer: "Did you take money out of your nonqualified pension plan?"

We're given two choices:

1. Yes, I took this money out of my nonqualified or Section 457 plan.

2.  No, this is money I contributed to my nonqualified or Section 457 plan.

 

Very confusing... I did both. When I was working, I contributed to my deferred salary plan. Now that I'm retired I'm taking the money out. On my 2024 W2, all of my Box 1 income is also in Box 11.

 

How do I answer? My guess is "Yes", but not sure.

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1 Reply
LindaS5247
Employee Tax Expert

How to answer: "Did you take money out of your nonqualified pension plan?"

You are correct.  You should answer "yes" to that question.  TurboTax will guide you through your taxes with the appropriate follow up questions.

 

Click here for additional information on withdrawals from Section 457 plans.

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