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457 deferred compensation plan

Forum|Forum|7 years ago
June 5, 2019
1 reply
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Is there somewhere to include the information on this account?

TurboTax Deluxe Online

Best answer by ChelseaS

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.

https://ttlc.intuit.com/replies/3300234

Employee

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.

https://ttlc.intuit.com/replies/3300234

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

Employee

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.

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