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T
tctxldy
Level 4
March 24, 2022
Question

Can you correct excess contribution to 457 plan in the year it was contributed?

  • March 24, 2022
  • 1 reply
  • 6 views

Taxpayer had two jobs with 457 plan deferrals.  He has 2,000 in excess contributions which was returned to him in 2022.  Is there a way to include the excess contribution in taxable income for 2021?

This topic has been closed for replies.

1 reply

qbteachmt
qbteachmt
Level 15
March 24, 2022

Read: https://www.irs.gov/retirement-plans/issue-snapshot-457b-plans-correction-of-excess-deferrals

Tax Treatment and Reporting section. It matters if the one issuing the excess return is governmental or not.

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