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Neither choice for "Did you take money out of your nonqualified pension plan?" seems applicable

In TurboTax desktop, in the Income section, it asks "Did you take money out of your nonqualified pension plan?" There are two choices:

- Yes, I took this money out of my nonqualified or Section 457 plan.

- No, this is money I contributed to my nonqualified or Section 457 plan.

Neither choice seems applicable. I don't have a nonqualified or Section 457 plan. My company's payroll department explained that box 11 of my W-2 is filled with a dollar amount because I receive social security payments, and this box indicates something to the Social Security Administration about my box 1 wages. Here's an article that seems to corroborate this.

 

How should I answer the question?

 

Thanks!

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1 Reply
JohnB5677
Expert Alumni

Neither choice for "Did you take money out of your nonqualified pension plan?" seems applicable

You are correct that box 11 covers non-qualified plans like a 457 plan.  However, if the entry in Box 11 doesn't sound right to you, you can leave it blank.  This is only an informational box that will not affect your tax return.

 

If you click the (?) next to box 11 in TurboTax it will confirm this statement.

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