Question about roth ira contributions

jjk35736 · ‎June 3, 2019

If I contribute via my paycheck to my 401K into a Roth plan, can I deduct that amount?

MaryK1 · ‎June 3, 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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MaryK1 · ‎June 3, 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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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Question about roth ira contributions