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Does TurboTax software calculate a 10% penalty for early withdraw from a 457 deferred comp. plan like other retirement plans? There is no 10% penalty from a 457 plan.
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posted
June 6, 2019
10:19 AM
last updated
June 06, 2019
10:19 AM
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Does TurboTax software calculate a 10% penalty for early withdraw from a 457 deferred comp. plan like other retirement plans? There is no 10% penalty from a 457 plan.
Yes. This type of nonqualified plans is not subject to the same rules as other plans. Governmental 457(b) distributions are not subject to the 10% additional tax except for distributions attributable to rollovers from another type of plan or IRA. For more information, please view the IRS link below.
June 6, 2019
10:19 AM
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