My husband puts 6% of his earnings every paycheck to 401k is that deductible?

amberdoug054 · ‎February 2, 2020

xmasbaby0 · ‎February 2, 2020

If your spouse is doing that through an employer plan then when you entered his W-2 it was in Box 12. You do not have to enter anything else about it.

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Lisa3588 · ‎February 3, 2020

401(k) plans allow before-tax contributions, which are not a deduction whilst filing your tax return but lower your taxable income. Some plans also allow after-tax contributions which have no effect on current taxable income but will become your cost basis in your account.