Tax Question

[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.