Form 1099-R - Plan Distributions Deferred Compensation 457(b)
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State or local governments or a tax-exempt organization under IRC 501(c) are eligible to establish a 457(b) plan for its employees. These plans can either be eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f). Withdrawals from a 457 plan should be reported in the TaxAct program on Form 1099-R. Follow the steps in the FAQ Form 1099-R - Entering Distributions from Retirement Plans.