government 457 deferred comp

Submitted by Margaret Miller on Thu, 2015-07-30 14:54

My retirement account is a government 457 deferred comp. plan. With the 457, funds are available for disbursement when the person retires at the age of 50. I am retired.

If I roll a portion of my 457 into a Roth IRA (this August 2015), will I have to pay all Fed and State taxes on the entire amount of the 457 account, as opposed to just paying taxes on the rollover amount this April 2016?



Submitted by Alan - IRA critic on Thu, 2015-07-30 18:09

You will only owe taxes on the amount you roll to a Roth IRA. The portion rolled to a TIRA is not taxable. Do direct rollovers to avoid any withholding.



Submitted by Margaret Miller on Sat, 2015-08-01 14:15

Thanks for your responses.Can you explain a little what is a TIRA, please?



Submitted by David Mertz on Sat, 2015-08-01 15:18



Add new comment

Log in or register to post comments