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.
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.