excess contribution to 457

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Subject Author Date excess contribution to 457 Ilja Friedel 02-01-2008  Re: excess contribution to 457 PeterL 02-01-2008  Re: excess contribution to 457 HW \"Skip\" Weldon 02-02-2008
Posted by Ilja Friedel on February 1, 2008, 11:25 am Please log in for more thread options A friend of mine (younger than 50 years) contributed USD 16'000 to her 457 account with Calpers in 2007 (her contributions were not cut off automatically). Does she need to ask the administrator to remove USD 500 before April 15th? If yes, does she have the option to transfer the excess to her Calpers 401k account (which did not max out)? Thanks, Ilja. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by PeterL on February 1, 2008, 1:29 pm Please log in for more thread options > A friend of mine (younger than 50 years) contributed USD 16'000 to her 457 > account with Calpers in 2007 (her contributions were not cut off > automatically). Does she need to ask the administrator to remove USD 500 > before April 15th? If yes, does she have the option to transfer the excess > to her Calpers 401k account (which did not max out)? > > Thanks, > > Ilja. > I believe the answer to the first question is yes, and the answer to the second question is no. This is a very specific question related to the California Public Employees Retirement System (CalPERS). Your friend needs to get advice from the administrators of both of those accounts. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by HW \"Skip\" Weldon on February 2, 2008, 7:03 am Please log in for more thread options >A friend of mine (younger than 50 years) contributed USD 16'000 to her 457 >account with Calpers in 2007 (her contributions were not cut off >automatically). Does she need to ask the administrator to remove USD 500 >before April 15th? If yes, does she have the option to transfer the excess >to her Calpers 401k account (which did not max out)? Can't answer for CALPERS, but in our state (SC) public employees are allowed to contribute both to the State 457 and the State 401k (both run by state for those eligible for state plans). Can do max to each. Our plan automatically moves excess to the other plan. So ask CALPERS if she can move excess into the 401k. (IRS allows it, I suspect whether CALPERS allows this in their plan documents.) -HW "Skip" Weldon Columbia, SC -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted 401(K) Excess Contribution January 26, 2007, 11:52 pm excess 401(k) contribution April 3, 2007, 6:46 pm excess 401(k) contribution & W-2 April 16, 2007, 12:09 am Excess IRA contribution January 28, 2008, 8:55 pm Refund of "excess" 401(k) contribution due to HCE tag January 25, 2007, 2:43 am SIMPLE IRA - Possible excess contribution? February 2, 2007, 2:10 am excess 401k contribution June 21, 2009, 4:18 pm Best Method for Return of Simple IRA Excess Contribution February 27, 2008, 4:59 pm Paying Penalty for Excess Roth IRA Contribution April 12, 2006, 11:09 pm Question regarding penalty associated with excess Roth IRA contribution April 14, 2006, 3:45 am