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Level 2
posted Feb 20, 2024 11:02:08 AM

IRA Contributions

Hi,

I have a Qualified Non -Elective Contribution retirement fund. Is this tax deductible up to the limited amount?

 

 

Thanks,

Bill

0 3 409
1 Best answer
Level 15
Feb 20, 2024 12:43:18 PM

A retirement account that receives qualified non-elective-contributions is not an IRA.  Nothing about it is reportable under Deductions & Credits.

3 Replies
Expert Alumni
Feb 20, 2024 11:26:58 AM

Yes. According to the IRS, employer contributions are deductible on an employer's federal income tax return, as long as contributions don't exceed limitations in section 404 of the Internal Revenue Code. Please read the link below for additional details.

 

IRS Section 404

Level 2
Feb 20, 2024 12:17:54 PM

Thanks for the information, this seems to be for an employer.  Dose this also include an employee such as me for a deduction?

 

Regards,

Bill

 

Level 15
Feb 20, 2024 12:43:18 PM

A retirement account that receives qualified non-elective-contributions is not an IRA.  Nothing about it is reportable under Deductions & Credits.