Employer 401k vs ira

duanecagle · ‎June 3, 2019

is my elective deferrals into a 401k the same as an ira contribution?

RichardG · ‎June 3, 2019

No, they are not the same. Elective referrals to a qualified retirement plan are made with pre-tax dollars. IRA contributions are made with after-tax dollars, which is why many taxpayers receive a tax deduction for their contribution.

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RichardG · ‎June 3, 2019

No, they are not the same. Elective referrals to a qualified retirement plan are made with pre-tax dollars. IRA contributions are made with after-tax dollars, which is why many taxpayers receive a tax deduction for their contribution.