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I contribute to my 401k at work can i claim the full amount of $6600 I am 64 and make under $59.000 gross jointly?
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I contribute to my 401k at work can i claim the full amount of $6600 I am 64 and make under $59.000 gross jointly?
When you contribute to a 401k, your wages are reduced by your $6,600 contribution and taxes are then computed on the reduced wages.
There isn't anything to claim or deduct on your tax return if you contribute to a 401K (contributions to traditional IRA's may be deductible). Enter your W-2 form only. It will contain the 401K contribution in box 12.
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I contribute to my 401k at work can i claim the full amount of $6600 I am 64 and make under $59.000 gross jointly?
When you contribute to a 401k, your wages are reduced by your $6,600 contribution and taxes are then computed on the reduced wages.
There isn't anything to claim or deduct on your tax return if you contribute to a 401K (contributions to traditional IRA's may be deductible). Enter your W-2 form only. It will contain the 401K contribution in box 12.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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I contribute to my 401k at work can i claim the full amount of $6600 I am 64 and make under $59.000 gross jointly?
OP is asking about an IRA contribution.
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