topic Are profit sharing plan distributions qualified or non-qualified. in Get your taxes done using TurboTax

Are profit sharing plan distributions qualified or non-qualified.

madobra — Sat, 01 Jun 2019 07:31:48 GMT

I received two 1099-r forms. One from my military retirement and the other from a profit sharing account from the company I worked for. The company was sold and all the people received what was in their profit sharing account. I just need to know if the profit sharing amount I received is qualified or not qualified.

Yes, your profit sharing amount is considered as a qualif...

LinaJ2018 — Sat, 01 Jun 2019 07:31:51 GMT

Yes, your profit sharing amount is considered as a qualified distribution. In TurboTax, select "Yes" on the question if the distribution is from a qualified plan.

Thank you so much for taking the time for the clarificati...

madobra — Sat, 01 Jun 2019 07:31:52 GMT

Thank you so much for taking the time for the clarification. A yes or no was the difference of receiving or paying 300.00. Again thank you.