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Section 403-B and Section 457-B Deferral Plans

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    #1

    Section 403-B and Section 457-B Deferral Plans

    A client AGI is $245,727.00. On her W2, she made a $23,990 contribution to Section 403-B. She also made a $13,464 contribution to Section 457-B. On her Form 1040, line item 59, she has incur a $5814.00 additional tax penalty. Why is this penalty being assessed against this taxpayer. Thanks for your feedback.
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    #2
    Disregard any input that you may give me for this inquiry. I have found the answer to my question.

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