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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Can the assets of my tax deferred 457b plan be rolled over

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Can the assets of my tax deferred 457b plan be rolled over into to my spouses 457b plan without an obligation to actually take distribution and pay tax immediately? I am 62 still working, make good income and need a tax shelter (457b). I have a very good defined benefit retirement so the 457b is primarily a tax strategy. Some years ago my wife withdrew 16 years of contributions from her defined benefit plan and would like to pay those years back. Her defined contribution plan allows for pretax transfer from her own 457b plan to the Defined Contribution Plan without a problem. So can I somehow roll or transfer my tax deferred funds to her account without taking a huge "haircut." The resulting benefit to my wifes retirement would exceed anything provided by turning my 457b into an anuity when I retire.
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!

LEV :

Funds from your deferred retirement plan may not be rolled over to deferred retirement plan of another person including your spouse.
The only if your spouse inherited your retirement plan - she will be able to treat it as her own and rollover as she wish.
As long as you are alive - you may only rollover funds into another plan under your name only. Any transfer to the account belonged to another person - will be reported as distribution - and will be taxable to you.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22633
Experience: Taxes, Immigration, Labor Relations
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Expert:  Lev replied 2 years ago.
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