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Solved

Employer 401k vs ira

1 reply
28 views

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

TurboTax Self Employed Online

Answer

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.

A

Anonymous

Answer

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.