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peharris50
New Member

I work in the public sector and contribute $18k into a 457(b) plan. I also work in the private sector and contribute $18k into a 401(k) plan. Can I claim both deductions?

I have two jobs (public and private sector) and contribute the full $18k into both plans in the same tax year,  I want to know if I can claim both tax deductions in the same tax year (i.e. $36k of retirement plan deductions).

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dmertz
Level 15

I work in the public sector and contribute $18k into a 457(b) plan. I also work in the private sector and contribute $18k into a 401(k) plan. Can I claim both deductions?

The $18k limit for elective deferrals to a 401(k) and the $18k limit for elective deferrals to a 457(b) are separate, independent limits, allowing you to defer $18k to each.

You do not "claim a deduction" for these unless you are self-employed with respect to these jobs.  If you receive a W-2 from your employers, the employers will have already excluded from box 1 these amounts reported with codes E and G.

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2 Replies
dmertz
Level 15

I work in the public sector and contribute $18k into a 457(b) plan. I also work in the private sector and contribute $18k into a 401(k) plan. Can I claim both deductions?

The $18k limit for elective deferrals to a 401(k) and the $18k limit for elective deferrals to a 457(b) are separate, independent limits, allowing you to defer $18k to each.

You do not "claim a deduction" for these unless you are self-employed with respect to these jobs.  If you receive a W-2 from your employers, the employers will have already excluded from box 1 these amounts reported with codes E and G.

peharris50
New Member

I work in the public sector and contribute $18k into a 457(b) plan. I also work in the private sector and contribute $18k into a 401(k) plan. Can I claim both deductions?

Thank you for the response. I realize now my terminology was wrong. The deferrals were deducted at source. I just wanted to be sure that I could have the full $18k tax benefit from both plans and the limit wasn't &18k total across all accounts. Thank you for confirming.

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