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doctom

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  1. If that is indeed the case then it would seem like a case of double taxation. When I earned the money in the first place it was subject to Medicare tax. In regards to Social Security I had already paid the maximum amount possible during the years that I earned the money. Somehow that doesn't seem right.
  2. Your future employer has to be a non-profit organization to satisfy the IRS rules. That employer then has to have an organization-wide plan. It is not something that you would negotiate to have in your contract. They either have it or they don't. The likiliest scenario is that your future employer has in place a 403(b) plan essentially for everyone. The 457(b) plans are limited to the more highly compensated individuals within that organization. Undoubtedly you would be in that category. When you go interviewing you'll want to ask about the availability of this type of plan. It is a competitive environment and this just the sort of thing that attracts and keeps employees. I am currently working for a large health organization in North Carolina. The 457(b) plan became available about 3 years ago shortly after IRS rule changes allowed it to be extended to this type of setting. Hope this is helpful to you.
  3. I am currently contributing to private 457(b) plan. I understand that I will have to pay state and federal income tax when I decide to withdraw from this account. My question is will I also have to pay social security and medicare taxes upon withdrawal?
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