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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1 Best answer
Anita01
New Member
Jun 3, 2019 1:19:46 PM
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.
1 Replies
Anita01
New Member
Jun 3, 2019 1:19:46 PM
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.