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).
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.
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.
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.