WHAT IS A QUALIFIED RETIREMENT PLAN?

[matyslopez]

DOES THIS APPLY TO "X" MARKED ON W2 FORM?

[SherylSTaxExpert · Accepted solution]

A qualified retirement plan is a retirement plan that must follow certain rules and guidelines set forth by Employee Retirement Income Security Act (ERISA). Qualified plans, such as 401(k) plans, IRAs and profit-sharing plans, must meet the standards in order to continue operations. Qualified plans are also subject to annual contribution limits set by the IRS each year.