457(b) Contribution Impact โ Government Tax Savings
See how 457(b) pre-tax contributions reduce your tax bill. Same as 401(k) for tax treatment. No early withdrawal penalty.
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Key figures and definitions for this model: โข Tax Savings: $4,050 โข Net Cost: $10,950 โข Contribution: $15,000 โข Effective Cost: 73%
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Why: 457(b) offers same pre-tax treatment as 401(k). Government workers can have both. No early withdrawal penalty.
How: Tax Savings = Contribution ร (Federal + State rate). Net Cost = Contribution โ Tax Savings.
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๐ก Money Facts
2024 limit
โ IRS
Early penalty
โ 457(b)
With 401(k)
โ Gov
As 401(k) tax
โ IRS
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