Are profit sharing plan distributions qualified or non-qualified.

[madobra]

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.

[LinaJ2018 · Accepted solution]

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. 

[madobra]

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.