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Retirement tax questions
No, it is not the same thing.
If you are asking because you want to know if it qualifies for a Saver's Credit, then, YES.
Depending on your adjusted gross income reported on your Form 1040 series return, the amount of the credit is 50%, 20% or 10% of:
- contributions you make to a traditional or Roth IRA,
- elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan,
- voluntary after-tax employee contributions made to a qualified retirement plan (including the federal Thrift Savings Plan) or 403(b) plan,
- contributions to a 501(c)(18)(D) plan, or
- contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018).
‎February 9, 2021
2:29 PM