Can I take a tax deduction for my 401k Contribution on my tax return?
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tax deduction on your tax return for your 401k contribution because it has not been included in your taxable income.
Your 401k contribution is not included
as taxable income on your Form W-2 so you don't pay tax on
it on your tax return. |
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Related tax
information about 401k contribution |
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Itemized Tax Deductions |
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IRS publications about
401k contribution:
For more information, refer to Tax
Topic
424, 401(k) Plans, IRS Publication
575, Pension and Annuity Income (Including Simplified General Rule), or
IRS Publication 560, Retirement
Plans for the Self-Employed. Also see IRS Publication 17,
Your Federal Income Tax. |
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Ask Julian Block your IRS and tax questions! |
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If you can't find the answer to your IRS or tax question in our
web you can call former IRS Special Agent and one of the country's foremost tax attorneys, nationally syndicated columnist ("The Tax
Adviser") Julian Block. Julian is also the tax Editor of Mutual Funds Magazine, America's premier investment magazine. To
call Julian for a tax consultation click
here. |
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