Report earnings on 457B plan?

troutnut1

Recycles dryer sheets
Joined
May 6, 2014
Messages
288
Location
Big Sky Country, Montana
I retired from a state job with a decent 457B plan. I have the funds in a very safe “Fixed Fund” paying about 2.6% which is just building up the balance as I haven’t taken any distributions. My wife is taking her social security and I get half of her amount while waiting for my larger amount at 70. I am wondering whether I need to report the earnings from this account somewhere and whether it will affect the % of our social security That is taxable? The plans sponsor doesn’t seem to put out any tax forms for me online, nor do I receive anything in the mail. I presume they will if I make a distribution, but otherwise nothing. Would these earnings be considered “tax exempt interest” that would affect the % of our social security that gets taxed even though I leave it untouched in the account?

Thanks in advance for any help. I have scoured the internet and can’t seem to find anything on it.
 
If you have a public 457b plan the earnings are not taxed until the funds are distributed. The distributions are taxed as ordinary income, similar to a 401k or IRA. Nothing is reportable until it leaves the account.

Who is the plan sponsor? They can answer questions about the plan rules on how and when to take the income.
 
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