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Guest bhaugh1
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Guest bhaugh1

Does anyone know if one can use 457 funds to purchase yrs of service without having to pay taxes on the withdrawal of the 457 deferred comp funds? In other words, the funds would be withdrawn soley to purchase yrs. of service in a state retirement system - not for any other purpose. Would such withdrawal require the payment of taxes on such 457 withdrawal?????

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Currently, it would. However, there was a proposal in this year's tax bill which would have changed that rule. And while the tax bill got vetoed, it is expected that future legislation will include most or all of the benefits provisions of the bill that was vetoed.

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Employee benefits legal resource site

Employee benefits legal resource site

The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.

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