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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2864
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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Enter the amount of any section 457() distribution included

Customer Question

Enter the amount of any section 457(b) distribution included in W-2, box 1. How do I approach this on the tax form. What does this mean. There is a 457b 1099R.
Submitted: 8 months ago.
Category: Tax
Customer: replied 8 months ago.
I've been waiting for a response since 9:51pm. 25 minutes has lapsed. Am I getting an answer?
Customer: replied 8 months ago.
i have not received a response yet. It is now 10P:46pm.
Expert:  Barbara replied 8 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

I apologize for the delay, but your question just became available to me.

"In 2001, The Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") provided that distributions to participants from a governmental section 457(b) plan was no longer treated as wages. Instead, reporting was aligned with reporting for distributions from qualified plans and 403(b) annuities, with distributions reported on IRS Form 1099-R. The provisions of EGTRRA are currently subject to a sunset provision for years after December 31, 2010, at which time reporting could revert to wages on form W-2."

http://www.nagdca.org/dnn/portals/45/Publications/Issues/Federal_Income_Tax_Withholding-Reporting_Requirements_for_Section_457_Distributions.pdf

Because your 457(b) distribution is reported on Form 1099-R, there is nothing to report about a W-2. You will enter the information from the 1099-R, and the 457(b) distribution should show up on Form 1040 line 16b.

Again, I apologize for the delay.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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