I have a W2 with an amount in Box 1 and Box11. This amount was distributed from the nonqualified portion of my 401K. In the question that asks about uncommon situaitons - Should i check "pension plan" even though this was a 401k? if so, is the following question, Does this represent $ from a nonqualified plan?" Yes?
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No. A 401(k) plan is a type of qualified retirement plan but it is not considered a pension plan. So do not check that your 401(k) plan is a pension plan.
The biggest difference between a 401(k) plan and a traditional pension plan is the distinction between a defined benefit plan (pension plan) and a defined contribution plan (a 401(k) plan).
No. A 401(k) plan is a type of qualified retirement plan but it is not considered a pension plan. So do not check that your 401(k) plan is a pension plan.
The biggest difference between a 401(k) plan and a traditional pension plan is the distinction between a defined benefit plan (pension plan) and a defined contribution plan (a 401(k) plan).
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