topic 457 deferred compensation plan in Retirement tax questions

457 deferred compensation plan

danabeh — Wed, 05 Jun 2019 03:26:59 GMT

Is there somewhere to include the information on this account?

ChelseaS — Wed, 05 Jun 2019 03:27:00 GMT

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.

alyasus — Wed, 24 Feb 2021 21:40:43 GMT

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

AmyC — Fri, 26 Feb 2021 21:04:22 GMT

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.