Hi,
My employer has an NQ plan that I contributed to besides the normal 410k. According to HR and company policy, NQ contribution are like 401k and are not taxed until distribution However. The company's W-2 shows the full salary and did have a retirement plan marked in box 13. But it did not list how much I contributed to that. Hence turbo tax is still calculating my tax based on my salary including my NQ contribution. In other words, I am still paying tax for the NQ. How to solve this and let turbo tax know the NQ is not taxable?
You'll need to sign in or create an account to connect with an expert.
Are you sure the amount in box 1 is your full salary and not the amount after the NQ is subtracted? Is box 1 the same as boxes 3 & 5? If it is like a 401K then it is not included in box 1 to start with. You don't subtract it out anywhere else. A 401k is coded in box 12 as code D but it is still not in box 1.
Does NQ stand for non-qualified Annuity? Looks like it is not pretax but you don't pay tax on the growth until you take it out.
https://www.thebalancemoney.com/what-are-non-qualified-annuities-5223602
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17790750647
New Member
user17768985953
New Member
NelehCr0z
Returning Member
turnips
Returning Member
userid94
Level 2