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How to answer this question about box 11, taxable cost of group term life insur. over $50K: "Did you take money out of your nonqualified pension plan"?

There are two options: Yes, I took this money out of my nonqualified or Sec. 457 Plan, or No, this is money I contributed to my nonqual. or Sec. 457 Plan.
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3 Replies
ColeenD3
Expert Alumni

How to answer this question about box 11, taxable cost of group term life insur. over $50K: "Did you take money out of your nonqualified pension plan"?

Can you clarify your question? Where in the program are you? 1099-R? What are the actual circumstances? We can't answer a question if we don't know what's going on.

How to answer this question about box 11, taxable cost of group term life insur. over $50K: "Did you take money out of your nonqualified pension plan"?

Thanks - I was able to get help.  I would have provided more info but I was limited to the number of characters I could write.  

How to answer this question about box 11, taxable cost of group term life insur. over $50K: "Did you take money out of your nonqualified pension plan"?

I have the same question.  After entering a W-2 for a non-qualified plan, after the "Let's check for uncommon situations" page (for which I checked "none of these apply"), TurboTax asks, ""Did you take money out of your nonqualified pension plan? We just need to check whether the $xxxx in box 11 is money you contributed to your plan, or if it's money you took out of your plan." 

 

I don't understand: if it is money I contributed to my plan during the tax year, why would it show up as W-2 income at all?  

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