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lukes123

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  1. I have a 457b with my former employer. I am 41 years old. I want to liquidate the account. I understand that I have to pay income tax on the balance. But do I have to pay Social Security taxes on the funds as well? If so, would I have to pay these taxes if I was retirement age? All contributions were made in 2007 and I earned well above the maximum s.s. tax limit, if this matters. The HR department is clueless about this account because it is a new benefit and only a few emplyees are enrolled and I think this is the first time they have had to process a pre-retirement withdrawl. Thanks for your help.
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