Is a nonqualified deferred compensation distribution a nonqualified 'pension' plan?

[sshenoy1999]

I have a W-2 Wage and Tax Statement that has an amount in box 11 ( Nonqualified Plan).  No amounts in boxes 3,4,5,or 6.There is a question on Turbotax if this amount is a distribution from a Nonqualified 'Pension' plan.

[Leonard · Accepted solution]

Yes, the amount reported in Box 11 Form W-2 is a distribution from a Nonqualified 'pension' plan.

Box 11 is used to report amounts distributed to you from your employer's non-qualified deferred compensation plan this amount is taxable.

[sclma]

Ok, but how do you set that up in QB to process and report properly?

[Critter-3]

QB is for business use  and not for personal income record keeping. 

[VolvoGirl]

Are you preparing a W2 to give to your employee?

[sclma]

Yes I am.  However, I do not see in QB Desktop how to create a pay item so that it will populate the W2 correctly.  We are taking into account the special timing rule to pay the FICA taxes all in 2021.

[sclma]

Critter-3.  I am using it for business purposes.  

[Critter-3]

OK ... so you are using QB to complete Business filings for payroll  then you need to talk to QB  and  not post on the TT forum.     https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us

[sclma]

thanks for that information.  When I was doing as search - TT is the only thing that popped up that even addressed the issue.

[Critter-3]

Use the QB program help option to see what to do in the QB program and/or contact QB support.