457 Plan and IRA deduction

Technical topics regarding tax preparation.
#1
Posts:
358
Joined:
15-Oct-2017 12:16pm
Location:
California
https://www.irahelp.com/slottreport/act ... ticipation

This article says ”Note: Section 457 deferred compensation plans do not impact IRA deductibility.”.

I fail to understand the reasoning. Isn’t 457 also a type of retirement plan? And if it is a retirement plan, how can it not affect IRA deductibility? Are they saying that a taxpayer who participates in an employer 457 plan can make deductible IRA contribution no matter how high his income is?

Does anyone agree with what they say?
 

Return to Taxation



Who is online

Users browsing this forum: Google [Bot], Google Adsense [Bot], SlipperyPencil and 99 guests