Welcome! | Ask A Question

 
 
 
 
Question

Asked 2/7/2010

Can I deduct the amount that I had contributed to my employers 401k plan?

I have two jobs with 401k plans. Can I deduct the amount of money that I have contributed during 2009 to my employers 401k plans?

 
 
 
 
 
Answers

Answer 1/1 - Submitted 2/7/2010

No, you cannot deduct 401(k) contributions. These are made from "pre-tax" money -- no subject to income tax -- so no deduction is allowed. It's why your taxable wages, shown in box 1 of your W-2, are smaller than your gross wages, shown in box 3.

If your income is low enough, the 401(k) contributions might qualify you for a "savers credit."

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
My employer has decided to switch plan managers, however, i was happy with the previous plan. do i have to switch?

I work for a non-profit who has a tax-deferred retirement plan. i contribut about half of the monthly contribution. the plan manager is very good, and i've also put my checking and savings accounts there. because the bank holds a large amount of my money (retirement being the bulk) i get extra...

See Answers

 
I have a retirement plan from a previous job. can this be transfered to my 401k or would it be wise to roll it over to an ir

I have a retirement plan from a previous job. can it be transfered to my 401k, or would it be wise tto roll it over to an ira?

See Answers

 
Retirement plan?

I'm 33 years old and make 33.000 a year. i'm married, but my husband only works part-time, so his income is not always the same. i'm a permanent resident so if decide to go back to my country, can i keep contributing towards the ira? i'm confused because in the bank they told me yes...

See Answers

 
What is the best retirement savings plan for a small business owner?

I'm a small business owner (4 full time employees) who does not offer any retirement plan or have one for myself. my employees are commission based only. what would be the best retirement plan for me and for all of us, individually? thanks!

See Answers

 
How good is a 403(b) retirement plan compared to the others?

I am taking a new position at a non-profit organization. this company is offering a 403(b) retirement plan and i am wondering if i should take it or not. they will pay 75% after 1 year and i can make contributions, before taxes, of up to 10% and i can be fully vested after 3 years of employment . what...

See Answers

 
Related Questions

My employer has decided to switch plan managers, however, i was happy with the previous plan. do i have to switch?


I work for a non-profit who has a tax-deferred retirement plan. i contribut about half of...

 

I have a retirement plan from a previous job. can this be transfered to my 401k or would it be wise to roll it over to an ir


I have a retirement plan from a previous job. can it be transfered to my 401k, or would it...

 

Retirement plan? - I'm 33 years old and make...


I'm 33 years old and make 33.000 a year. i'm married, but my husband only works part-time,...

 

What is the best retirement savings plan for a small business owner?


I'm a small business owner (4 full time employees) who does not offer any retirement plan...

 

How good is a 403(b) retirement plan compared to the others?


I am taking a new position at a non-profit organization. this company is offering a 403(b)...

 

How do i choose a company to use for my retirement plan?


I plan to open a 403(b) in august. i have been told that mutual funds are better (and cheaper)...

 

What is the best retirement plan for self employed worker?


I am 32 and working as a real estate agent. i don't have a retirement plan yet, people...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: