403(b) and 457 retirement plan

[Questionguy101]

If your employer offers you both the 403(b) and 457 plan and allow you to enroll in both plans at the same time, does that mean you can make a max contribution of $15,000 to each of the two plans ($30,000 total)?

I don't think so. But someone said that a representative of a stock brokerage company told him that he can.

[New York Enrolled Agent]

The brokerage guy is correct. The deferrals under §457 are NOT coordinated with the elective deferrals limits in §402(g).

If you look in §402(g) they give the list of deferrals that must be coordinated - 401K, 403B, SAR-SEPs and SIMPLEs.

[JoshinNC]

Off topic

The brokerage guy is correct. The deferrals under §457 are NOT coordinated with the elective deferrals limits in §402(g).

If you look in §402(g) they give the list of deferrals that must be coordinated - 401K, 403B, SAR-SEPs and SIMPLEs.

How do you make the little squiggly line that represents the word section appear in your posts?

[Jiggers]

Squiggly line

How do you make the little squiggly line that represents the word section appear in your posts?

You hold the "alt" key and the number sequence and then let up on the "alt" key.

alt + 0167 = §
alt + 0169 = ©
alt + 0174 = ®
alt + 0153 = ™
alt + 0176 = ° (degree)
alt + 0247 = ÷
alt + 0188 = ¼
alt + 0189 = ½
alt + 0190 = ¾
alt + 0215 = × (multiplication)
alt + 0177 = ±
alt + 0134 = †
alt + 0135 = ‡
alt + 0182 = ¶

There are many more, but these are the basics.

Maybe someone else can fill in more.

[gkaiseril]

In Windows, you can use the "Character Map" accessory ("Start" button, "All Programs => Accessories => System Tools => Charcter Map", to see all the characters. You can then cut and paste the characters as needed or read the keypad code in the lower right corner. The lower left corner is the hex value for the character.

[thomtax]

Jiggers

You hold the "alt" key and the number sequence and then let up on the "alt" key.

alt + 0167 = §
alt + 0169 = ©
alt + 0174 = ®
alt + 0153 = ™
alt + 0176 = ° (degree)
alt + 0247 = ÷
alt + 0188 = ¼
alt + 0189 = ½
alt + 0190 = ¾
alt + 0215 = × (multiplication)
alt + 0177 = ±
alt + 0134 = †
alt + 0135 = ‡
alt + 0182 = ¶

There are many more, but these are the basics.

Maybe someone else can fill in more.

Thanks for this. I have been wondering but did not want to tie up others time, at this time of year, by asking. Fortunately, Josh saved me from having to ask.

LT

[gkaiseril]

IRS Pub 517 includes the 457 plan contributions in the includable income worksheet. So there is some contradictory information. If possible contact the actuary for the plan or any actuary since these professionals would know far more about these plans because it is their business to review and certify these plans. And Enrolled Actuary would be the very best source, since they are registered with the IRS to handle the affairs of these plans.

[New York Enrolled Agent]

Contrary to the previous post there is no contradictory information.

The elective deferrals under §457 plans are NOT coordinated with the other elective deferrals (this was changed for tax years beginning in 2002). §457(c) was amended by P.L. 107-16 to remove the previous coordination.

I have no idea what Pub 517 titled Social Security & other information for members of the Clergy might possibly say but it cannot overrule the Internal Revenue Code.

As the Tax Court has often said "Taxpayers who rely on IRS publications do so at their own peril". IRS publications have NO authority.