Does Quicken support 457 plans?

I have the account above (457), but the closest match I could find when setting it up in Quicken was a 401k/403b option.

Identifying the 457 account as a 401k causes The Lifetime Planner to incorrectly subject the 457 account to RMDs. (457 are NOT subject to RMDs.) This skews the Planner results by showing larger distributions than necessary, with the RMDs that are not spent being invested in a Taxable Account.

Anyone know how, or if, I can get Quicken to properly recognize my 457 acct?

thanks,

Best Answer

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited April 24 Accepted Answer
    I think you are mistaken about 457 plans and RMDs. I am not a tax advisor, but please see this IRS FAQ
    https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions#2

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  • LeaningTower
    LeaningTower Member ✭✭
    You are correct. Thank you.
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited April 24
    401(k) plans and 457 plans are both tax-advantaged retirement savings plans.
    401(k
    ) plans are offered by private employers,
    403(b) plans are offered by local educational employers,
    457 plans are offered by state and local governments and some nonprofits.
    Lastly - you should review your 457 plan choices - and see if it is the normal tax deferred or going into a Roth variant.


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  • LeaningTower
    LeaningTower Member ✭✭
    > @Ps56k2 said:
    > 401(k) plans and 457 plans are both tax-advantaged retirement savings plans.
    > 401(k) plans are offered by private employers,
    > 403(b) plans are offered by local educational employers,
    > 457 plans are offered by state and local governments and some nonprofits.
    > Lastly - you should review your 457 plan choices - and see if it is the normal tax deferred or going into a Roth variant.

    Point of information: 401k plans MAY also be offered by governments. Governmental employers were previously authorized to create 401k plans for their employees (prior to a date that I do not know offhand). If the plans existed prior to the change, they are grandfathered in. However, I understand that new 401k plans may not be established by governmental employers after that date.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    A 403b can be  offered by just about any Non-profit employer.  My wife recently retired from a Not-for-Profit Hospice ... and she had a 403b. 
    A charity fund-raising organization that I'm involved with also offers a 403b
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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