Prevalence of psychotic depression, and comparison between psychotic and nonpsychotic depression, were studied in 203 consecutive unipolar and bipolar outpatients presenting for treatment of depression in a private practice. Prevalence was 14%. Of the variables investigated (unipolar/bipolar diagnosis, age at baseline/onset, gender, recurrences, atypical features, comorbidity, chronicity, duration of illness, baseline severity) bipolar I diagnosis was significantly more common, and severity of depression was significantly greater in psychotic vs nonpsychotic depression. Discordant findings in the literature may be related to the different samples studied.