Do monies taken out of paycheck for 401K not qualify for a tax deduction?

posted

They do not, as they are already being sheltered from tax. They are being deferred into the 401k pre-tax. Tax code will not allow a double benefit in this case.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Can I try TurboTax Deluxe but then downgrade back to Basic if I don't qualify for any of the deductions or if my itemized deductions are less than the standard deduction?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Do monies taken out of paycheck for 401K not qualify for a tax deduction?

Do monies taken out of paycheck for 401K not qualify for a tax deduction?

Get more help

Do you have a TurboTax Online account?

Do monies taken out of paycheck for 401K not qualify for a tax deduction?

Do you have an Intuit account?

Do monies taken out of paycheck for 401K not qualify for a tax deduction?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert