Hi All,
National guardsman here and I am being deployed starting in October. I am planning my 457 contributions during my upcoming deployment and can't wrap my head around how make up contributions will work. I understand I am entitled to contribute what I would have contributed had I not been mobilized, in my case 19,500k. Previous deployments I made up upon return but didn't pay attention to how I realized the tax benefit.
If I return in Oct 2021 and execute make up contributions and elect for them to account for for tax year 2020, how do I realize the tax benefit if I already filed my taxes in April?
Is there some adjustment that happens for tax year 2021 or something?
Thanks for the input, confusing stuff.
Matt
