Tax Question

[SOLVED] Tax Question

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

eNtRopY

 

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.