☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 30, 2022 9:16:48 AM

What category do I choose for University of California Retirement Plan (UCRP)

I am going through my W-2 and it is asking me to choose a category for my Pension Plan, and I don't know what to choose.

0 3 651
3 Replies
Employee Tax Expert
Jan 30, 2022 11:07:24 AM

Please clarify:

 

Box 12 indicates money you had taken out of your pay for a form of retirement plan.  You typically do not contribute to a pension plan.

 

The typical codes for retirement plans are

  • D - 401 K
  • E - 403 B
  • F - 408 K
  • G - 457 B
  • H - 501 C

Level 2
Mar 15, 2022 11:12:41 PM

UCRP (University of California Retirement Plan) gets classified as 'OTHER (not classified)'. The amount shown in box 14 as UCRP, is the amount of retirement compensation you earned. Note that this amount IS included in box 3, but NOT included in box 1 wages. Meaning that the box 14 amount is for your reference only. You won't need to pay taxes on that money, until the year you pull it from your pension. 

Employee Tax Expert
Mar 16, 2022 5:25:58 AM

Many entries in Box 14 are for your information only. 

UCRP is one of them. 

Selecting "Other (not classified)" for the category regarding Box 14 is what you want to do in TurboTax for that W-2.  

 

@rbushard1969