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New Member
posted Jun 4, 2019 8:26:59 PM

457 deferred compensation plan

Is there somewhere to include the information on this account?

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1 Best answer
New Member
Jun 4, 2019 8:27:00 PM

You will only report what is on your W-2. A 457(b) is listed in box 12 code G.

Please see the following TurboTax FAQ for additional information.

https://ttlc.intuit.com/replies/3300234

3 Replies
New Member
Jun 4, 2019 8:27:00 PM

You will only report what is on your W-2. A 457(b) is listed in box 12 code G.

Please see the following TurboTax FAQ for additional information.

https://ttlc.intuit.com/replies/3300234

New Member
Feb 24, 2021 1:40:43 PM

I don't believe NYS return is correct the 457 $20,000 should not be taxed income, what can be done?

Expert Alumni
Feb 26, 2021 1:04:22 PM

The 457 can be pre-tax or after tax dollars. If you chose to do the ROTH version, the income would be taxable. See Public Sector Plan Types - New York State Deferred.

 

Federal and NY both exempt the retirement income from tax when being deferred as pre-tax.