TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

Employer 401k vs ira

1 reply
31 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.