Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Can you correct excess contribution to 457 plan in the year it was contributed?
Can you correct excess contribution to 457 plan in the year it was contributed?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
tctxldy
Level 3
03-24-2022
02:36 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
03-24-2022
04:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
