Can I deduct IRA contributions?
Generally, you can deduct contributions you make to a traditional individual retirement
agreement or IRA as an adjustment to income on line 32 of Form 1040.
IRA, not 401k
Do not confuse a traditional IRA that you set up with an employer retirement plan such as a 401k
plan to which you contribute part of your salary.
Can I deduct 401k contributions like IRA deduction?
You cannot deduct your contributions to an employer plan as an adjustment to income. Also, your
contributions to a Roth IRA are never deducted as an adjustment to in come.
Deduction of IRA contributions
The IRA deduction adjustment allows you to deduct your contributions to a traditional IRA
from your total income. You do not pay taxes on your deductible contributions to a traditional IRA until you
with draw them from the IRA.
You can make contributions for the current tax year up to the due date of your tax return, not