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Get your taxes done using TurboTax
In reviewing IRS Pub 590-A (2023), p. 6, it talks about taxable compensation received during the year. But the before-tax deductions ($4000 + $1000) are not taxable during the year received (at least not income taxable, although they are used for social sec. and medicare tax). So maybe I can contribute only the remaining $1000 of the total $6000 that I received from my employment. Please clarify.
Note also Table 1-1 on p. 7 says that any amounts you exclude from income is not taxable compensation.
‎January 29, 2025
1:24 PM