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Level 2
posted Oct 12, 2021 3:06:10 PM

Is my nonqualified deferred compensation plan a "nonqualified pension plan"?

I have a nonqualified deferred compensation plan, which the investment company told me was not a nongovernmental 457 plan. They described it as a "nonqualified supplemental retirement plan."

 

How do I answer TurboTax's question, "Is this a nonqualified pension plan"? The investment company said they don't consider it to be a pension plan. 

 

Does TurboTax consider "nonqualified supplemental retirement plans" to be the same as "nonqualified pension plans"?

 

 

0 2 886
2 Replies
Level 15
Oct 13, 2021 11:27:40 AM

The terms  "retirement"  and  "pension"  are interchangeable for income tax purposes.  So YES it is a non qualified plan.  

Level 2
Oct 13, 2021 12:50:11 PM

OK, thanks so much!