IS A 457 DEFERRED COMPENSATION PLAN CONSIDERED AN IRA FOR THE TOTAL VALUE OF IRA AS OF 12/31/2017 ON TURBO TAX IRA INFORMATION WORKSHEET?

[dmertz · Accepted solution]

No.  A 457(b) is not an IRA.  Do not include any balance presently in a 457(b) plan when TurboTax asks for your year-end balance in traditional IRAs.

[JulieH1]

The amount of salary deferrals you can contribute to retirement plans is your individual limit each calendar year no matter how many plans you're in. This limit must be aggregated for these plan types:

• 401(k)
• 403(b)
• SIMPLE plans (SIMPLE IRA and SIMPLE 401(k) plans)
• SARSEP

If you’re in a  457(b) plan , you have a separate limit that includes both employee and employer contributions.

Make sure you don’t exceed your individual limit. If you do and the excess isn’t returned by April 15 of the next year, you could be subject to double taxation:

• once in the year you deferred your salary, and
• again when you receive a distribution.
• Edited 2/17/18