laferlec 0 Report post Posted January 19, 2010 Can I take a qualified 457 distribution now (Jan 2010) and claim the income in 2009? I am separated from a previous employer, so I will not incur the 10% penalty. My plan is to use the money to pay taxes on a Roth IRA conversion in 2010 claiming the income in 2010. However, I do not want to have to pay taxes on both the 457 and IRA conversion in 2010 as it will bump me up into the next tax bracket. Thoughts? Quote Share this post Link to post Share on other sites
sschullo 0 Report post Posted January 19, 2010 If the distribution is made in 2009, then its 2009 tax year. If its made in 2010, its on the 2010 taxes. I am not a tax expert, but I think your CPA would agree. Quote Share this post Link to post Share on other sites
laferlec 0 Report post Posted January 19, 2010 If the distribution is made in 2009, then its 2009 tax year. If its made in 2010, its on the 2010 taxes. I am not a tax expert, but I think your CPA would agree. That was my thought, but I thought I would see if anyone knew any different. Thanks. Quote Share this post Link to post Share on other sites
