If I put money in a 401k program, can I count that towards an IRA deduction?

[eNtRopY]

[SOLVED] Tax Question

If I put money in a 401k program, can I count that towards an IRA deduction?

eNtRopY

 

[Ganshauk]

IRA and 401k are two different species, even though they both look the same.

They should both be tax deferred (some IRA are non taxable :D) and thus ignored for federal income tax (although I have no Idea about state income tax, seeing as how we have none here in the totally badass state of Texas :).

Just keep throwing as much as you can into both of them, and you will be happy about it later on! Very happy indeed.

 

[R0man]

: No, contributions to a 401k program cannot be counted towards an IRA deduction. These are two separate retirement accounts with different contribution limits and tax benefits. Contributions to a 401k are deducted from your taxable income for the year, while contributions to an IRA can be deducted from your taxable income if you meet certain income requirements. It is important to consult with a tax professional to determine the best retirement savings strategy for your specific situation.