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Everything posted by Tintin

  1. Thank you very much for the reference. Clearly, 457 is excluded from the combined total of the other plans. Thank you very much, John, for your time and help.
  2. Hi John, Thanks you very much. It makes sense. By any chance, do you happen to know any IRS publication that gop into this, just as a reference in case IRS audit me. Thanks a lot, Tintin
  3. Hi Everyone, My employer offers both 403(b) and elective 457(b) for qualified employees. I elected maximum deduction from my paycheck for both plans for 2007. The total deduction turns our $15,499.92 for 453(b) + $15,499.92 for 457(b) = $30,999.84 net. This amout is not included in the line 1 of W2. In box 12a of W2 they used code E to report 403(b) and, seperately, code G to report 457(b). Retirement Plan is checked in box 13. I am looking at 2007 IRS 1040 now. The instructions for line 7 "Wages Salaries Tips etc." (6th bullet point) says, "... If the total amount you deferred for 2007 under all plans was more than $15,500, include the excess on line 7". I am confused about "under all plans" here. Do I have to include $15,499.92? Then it will be taxed for the 457(b), which shouldn't be taxed until withdrawal. But they are not saying that the exemtion amount is $31,000 for contribution to both plans. Am I missing something? I will greatly appreciate any help. Thanks, Tintin
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