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Level 1
June 4, 2019
Solved

Question about roth ira contributions

  • June 4, 2019
  • 1 reply
  • 10 views
If I contribute via my paycheck to my 401K into a Roth plan, can I deduct that amount?
Best answer by MaryK1

No, 401k contributions are tax deferred so there is no deduction- if they are designated ROTH contributions you cannot deduct because they are funded with after tax dollars- if you could deduct them they destroy the ROTH account characteristics (contribution taxed dollars now and receiving earnings tax free at retirement)

1 reply

MaryK1Answer
Level 11
June 4, 2019

No, 401k contributions are tax deferred so there is no deduction- if they are designated ROTH contributions you cannot deduct because they are funded with after tax dollars- if you could deduct them they destroy the ROTH account characteristics (contribution taxed dollars now and receiving earnings tax free at retirement)

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