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On form 1040 line 32 the IRA deduction, I'm not completely clear which types of retirement plans are allowable here. Are 403b / 401k contributions allowed on this line ?

 
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Anita01
New Member

On form 1040 line 32 the IRA deduction, I'm not completely clear which types of retirement plans are allowable here. Are 403b / 401k contributions allowed on this line ?

No, this line is for contributions you have made to an IRA, an Individual Retirement Account you usually set up on our own, with it's own set of contribution limits.  403b and 401k accounts are set up by employers, or by self-employed people.  

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Anita01
New Member

On form 1040 line 32 the IRA deduction, I'm not completely clear which types of retirement plans are allowable here. Are 403b / 401k contributions allowed on this line ?

No, this line is for contributions you have made to an IRA, an Individual Retirement Account you usually set up on our own, with it's own set of contribution limits.  403b and 401k accounts are set up by employers, or by self-employed people.  

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