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null371
New Member

W2 box 11 shows amount I received from a deferred comp plan paid the quarter after retiring. Turbo asks did I take it out of a nongovernmental 457 or nonqualified plan?

 
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2 Replies
GiseleD
Expert Alumni

W2 box 11 shows amount I received from a deferred comp plan paid the quarter after retiring. Turbo asks did I take it out of a nongovernmental 457 or nonqualified plan?

The purpose of Box 11 on your W-2 is to report distributions from a nonqualified plan or nongovernmental section 457(b) plan. It is recommended that you contact your prior employer to determine the type of plan in which your employer participated. The human resources department will likely be able to help. Alternatively, if you know the name of the plan administrator, you can contact them to determine the plan type.

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dmertz
Level 15

W2 box 11 shows amount I received from a deferred comp plan paid the quarter after retiring. Turbo asks did I take it out of a nongovernmental 457 or nonqualified plan?

TurboTax isn't asking the type of plan; all amounts reported in box 11 are related to a nongovernmental 457(b) or other nonqualified deferred compensation plan.  TurboTax is instead asking if the box 11 amount is a distribution (answer Yes) or if its a deferral (answer No).  Since you were paid this money (which should also be present in box 1), it's apparently a distribution and you should answer Yes.

 

The amount in box 11 would be indicating a deferral, not a distribution, if you were not yet paid this money but it's instead being reported in box 11 because it's income deferred in a prior year but has now become subject to Social Security and Medicare taxes because the amount is no longer subject to substantial risk of forfeiture.  This amount would be included in boxes 3 (up to the Social Security age base) and 5 in addition to being in box 11.

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