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- 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?
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tctxldy
Level 3
03-24-2022
02:36 PM
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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?
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qbteachmt
Level 15
03-24-2022
04:14 PM
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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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