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dcfas

457(b)'s + 403(b) = $31,000?

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Hi folks,

 

I've been perusing the IRS Publication 590 and still cannot find where it explicitly states one may contribute to a 457(b) at $15,500 in addition to another investment vehicle at $15,500. I have found several institutions (mostly school districts) within NY State and in other states that have published brochures indicating that a contributor may do so.

 

Question: If one contributes a total of, say, $31,000, does this mean that person would be allowed to claim an adjustable gross income (AGI) which reflects this? (If so-- wow!)

 

Finally, can someone point out where, exactly, I can read this allowance on the IRS site?

 

Thank you !!

 

d

 

 

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Hi folks,

 

I've been perusing the IRS Publication 590 and still cannot find where it explicitly states one may contribute to a 457(b) at $15,500 in addition to another investment vehicle at $15,500. I have found several institutions (mostly school districts) within NY State and in other states that have published brochures indicating that a contributor may do so.

 

Question: If one contributes a total of, say, $31,000, does this mean that person would be allowed to claim an adjustable gross income (AGI) which reflects this? (If so-- wow!)

 

Finally, can someone point out where, exactly, I can read this allowance on the IRS site?

 

Thank you !!

 

d

 

See IRS pub 525 P 8-9. max reduction of AGI is 31,000.

 

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Hi folks,

 

I've been perusing the IRS Publication 590 and still cannot find where it explicitly states one may contribute to a 457(b) at $15,500 in addition to another investment vehicle at $15,500. I have found several institutions (mostly school districts) within NY State and in other states that have published brochures indicating that a contributor may do so.

 

Question: If one contributes a total of, say, $31,000, does this mean that person would be allowed to claim an adjustable gross income (AGI) which reflects this? (If so-- wow!)

 

Finally, can someone point out where, exactly, I can read this allowance on the IRS site?

 

Thank you !!

 

d

 

 

See IRS pub 525 P 8-9. max reduction of AGI is 31,000.

 

All in two tidy little pages. Easy to miss.

Thank you,

d

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