In 2019 I put a portion of my income in a non qualified retirement plan. in March of 2020 they put the money in a 401K. How does this effect me?

Are these funds taken out of my total income if they are listed as W2 item 12 "Y" code?

posted

The amount listed in box 12 code Y represents deferrals under section 409A on a nonqualified deferred compensation plan.

They are excluded from taxable wages reported in box 1 of your form W-2.

Amounts that you contribute to a 401(k) plan will be reported in box 12 code D. They too are excluded from taxation.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have an Intuit account?