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Level 1
November 27, 2023
Question

income received vs W2

I unexpectedly received a distribution (forced) from my 457(b) retirement plan in July 2023 due to error by former employer.  The financial institution issued me a W2 for 2022 for this distribution. Am I supposed to amend my 2022 taxes even though I only received the distribution in 2023? 

2 replies

Level 15
November 28, 2023

I'll page @dmertz (again)

Level 15
November 28, 2023

Is this a governmental 457(b) or a non-governmental 457(b)?

 

Generally, though, a 2022 Form W-2 must be reported on your 2022 tax return.  If there was an excess deferral in 2022, that is required to be on your 2022 tax return since it was not permissible to have been excluded from your 2022 income.