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Get your taxes done using TurboTax
Thanks. Would the IRS allow for a rollover of the money from the 457b plan back to a traditional IRA and then allow me to claim basis on future distributions from the IRA? In the 457b plan I am in, it categorizes the money in terms of whether it was a deferred compensation pre-tax contribution or a qualified rollover pre-tax contribution. I'm assuming the latter is money from the earlier IRA rollover. Assuming the 457b contract allows for partial rollovers, I'd only rollover the money from the second category i.e. money from the original IRA. This would solve my Turbotax problem because the 1099R have the IRA, SEP, Simple Box checked. Would it past muster with the IRS?
‎February 5, 2024
9:37 AM