Leezworld
New Member

Is a 1099-R the correct form to receive from a payer for distributions from a 457(b) plan?

I know distributions from a deferred compensation plan are taxed as regular income, but on my tax prep it appears these distributions are being exempted. The distribution code in box 7 on the 1099-R I received from the payer is "7", which I believe is incorrect for this distribution.

Should I have received a W2 from this payer? I have had this deferred compensation plan for over 20 years.