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bg5d88
New Member

Can i deduct roth 401k contributions? are they Roth 401k and Roth IRA different?

 
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2 Replies
MargaretL
Expert Alumni

Can i deduct roth 401k contributions? are they Roth 401k and Roth IRA different?

No, you cannot deduct 401(k) contributions, regardless of their "kind".  They are already reflected on your W-2 as pre-tax amount (box 12, usually code D). All you have to do is report W2 data in Turbo Tax exactly as it appears on the form. 

The 401(k) plan contributions you elect to make come directly out of your salary. Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income (box 1) tax are lower because of your 401(k) plan contributions (box 12). Since the contributions are not counted in your taxable income to begin with, you do not take a deduction when you file your return.

And yes, Roth 401K and Roth IRA are different in the way they are set up.... but neither is deductible on your tax return.

Anonymous
Not applicable

Can i deduct roth 401k contributions? are they Roth 401k and Roth IRA different?

But the OP is not talking about a standard pre-tax 401(k). If you are contributing to a Roth 401(k), your taxable income is not lowered because all contributions are post-tax.
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