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Tax Question

  1. Apr 12, 2003 #1
    [SOLVED] Tax Question

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

    eNtRopY
     
  2. jcsd
  3. Apr 12, 2003 #2
    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.
     
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