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meghan

457b Non-gov't Rollover To Ira

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I have rolled over an 457b non-gov't to an IRA. My client received a W2 and it has now come to my attention that this is not a legal rollover since 457b non-gov't can only be rolled into other 457b non-gov't. The client is looking at paying income taxes and excess IRA contribution taxes on the money. Does anyone know if the transferring company can be held responsible to rolling the money over and required to take it back? Any advice would be appreciated. Thanks

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Guest Sierra

I have rolled over an 457b non-gov't to an IRA. My client received a W2 and it has now come to my attention that this is not a legal rollover since 457b non-gov't can only be rolled into other 457b non-gov't. The client is looking at paying income taxes and excess IRA contribution taxes on the money. Does anyone know if the transferring company can be held responsible to rolling the money over and required to take it back? Any advice would be appreciated. Thanks

 

What service did you render for this client?

 

Joel

 

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Guest Sierra

 

I have rolled over an 457b non-gov't to an IRA. My client received a W2 and it has now come to my attention that this is not a legal rollover since 457b non-gov't can only be rolled into other 457b non-gov't. The client is looking at paying income taxes and excess IRA contribution taxes on the money. Does anyone know if the transferring company can be held responsible to rolling the money over and required to take it back? Any advice would be appreciated. Thanks

 

 

What service did you render for this client?

 

Joel

 

 

If you advised your client to do the rollover then maybe you and your firm should be held responsible? Why is it that you found out what the law says AFTER your client reported to you that it showed up on his/her W-2?

 

Joel

Edited by Sierra

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