IRAs - Traditional

IRA Deduction For 401(K) Plan

Contributions to your 401(k) plan are not the same as an IRA deduction. The amount you contributed to the 401(k) plan reduces the taxable wages reported in box 1 of your W-2 form.

Note If you need professional help with "IRAs - Traditional" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.