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#1: Question about 457(b) Deferred Compensation Plan

Posted on 2006-02-20 20:19:43 by spasmous

My employer offers the above 457(b) as well as 403(b). I am 31 and
contribute the max to the 403(b). I am considering putting money in the
457(b) also. From what I understand, when I leave my current employer,
I can take money from the 457(b) without penalty - only paying taxes.

Thus, the 457(b) seems like a good alternative to a normal savings
account since the capital and interest accumulate tax free, whereas
with a savings account I pay tax on the capital and tax on the
interest. However I have one question: When I my money out of the
457(b) (eg. as a deposit for a house) do I pay income tax or capital
gains tax or some other tax?

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