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My retirement plan is from Comm of Ma. and is a Medical non taxable plan. So where do I put it?

They have a qualified plan and a Non- Qualified Plan which is for me?
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LindaS5247
Expert Alumni

My retirement plan is from Comm of Ma. and is a Medical non taxable plan. So where do I put it?

You can ask the issuer of your Form 1099-R if the retirement plan is a qualified plan or not.

 

Some ways you can tell if it's a qualified plan are as follows:

 

Non-Qualified plans are plans that you funded out of your own pocket, not getting any kind of deferred-tax benefit at the time.  

 

If your employer funded this plan,  and‌ if your employer got the deferred-tax benefit, and it's a Qualified plan. 

 

If you paid into this plan and had your payments excluded from your income, it's a Qualified plan.  

 

If Required Minimum Distributions apply to this plan, it's a Qualified plan.  

 

If your 1099-R shows that all of your payout is taxable, it's a Qualified plan (if Non-Qualified, only the capital-gains part of your payout would be taxable).

 

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1 Reply
LindaS5247
Expert Alumni

My retirement plan is from Comm of Ma. and is a Medical non taxable plan. So where do I put it?

You can ask the issuer of your Form 1099-R if the retirement plan is a qualified plan or not.

 

Some ways you can tell if it's a qualified plan are as follows:

 

Non-Qualified plans are plans that you funded out of your own pocket, not getting any kind of deferred-tax benefit at the time.  

 

If your employer funded this plan,  and‌ if your employer got the deferred-tax benefit, and it's a Qualified plan. 

 

If you paid into this plan and had your payments excluded from your income, it's a Qualified plan.  

 

If Required Minimum Distributions apply to this plan, it's a Qualified plan.  

 

If your 1099-R shows that all of your payout is taxable, it's a Qualified plan (if Non-Qualified, only the capital-gains part of your payout would be taxable).

 

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

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