1649447
Turbotax is asking me if my retirement income from the Commonwealth of Massachusetts is a "qualified government retirement distribution." Unfortunately, Turbotax does not define what this phrase means and I could find no clear explanation online. It therefore must be a phrase only used by Turbotax.
Turbotax does give examples, but the examples do not apply to me.
Turbotax should fix this flaw. In the meantime, I need a clear explanation of what is meant by "qualified government retirement distribution." Qualified for what? What are the criteria?
Please, Turbotax, provide this information.
Thank you.
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A qualified retirement plan is one that meets ERISA ( Employee Retirement Income Security Act of 1974) guidelines, while a non-qualified plan falls outside of ERISA guidelines.
Most employer 401(k) and like plans are qualified. Government plans can be either qualified of non-qualified.
The plan administrator could tall you or possibly the plan website (if any) will tell you.
That was fast! Thank you.
Later on, Turbotax gives more information about what this term means. If I knew that it does that, I would not have had to ask about it here. I hope that it can provide that information earlier in future editions.
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