Is Pension plan the same as retirement plan?

[kyleighterry]

Hi,

Box 13 of W2 has a check mark under 'Pension Plan', however Box 13 on the tax software has the following three options "Statutory Employee, Retirement Plan, Third-Party Sick Pay". Wondering if Pension Plan and Retirement Plan are the same thing. It does sound same but just want to double check.

Thanks

[jimr]

The cash flow names in the additional inputs window are mostly just labels to make it easier to track what each cash flow is for if you've created a bunch of them.

The Misc Income, Pension, and Annuity cash flows all work the same way inside the simulation. Social Security is mostly the same, but that one doesn't let you change the COLA type field since social security always tracks inflation.

So basically, it doesn't really matter which specific income cash flow you pick for your pension. The most important thing is to configure the taxable percent and the COLA type correctly based on the exact details of how your specific pension works.