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missyfox16
Level 1

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"?

 

 

2 Replies
Critter-3
Level 15

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

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

missyfox16
Level 1

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

OK, thanks so much!

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