2007-05-22 08:03:21 · 6 answers · asked by kylesac1 2 in Business & Finance ➔ Taxes ➔ United States
If you're contributing to a 401K plan then your W-2 should have the retirement plan box checked off on it, which brings into play income limits as to whether or not an IRA contribution would be deductible on your tax return. I've attached an irs publication about IRA's and the deductibility of them.
2007-05-22 09:55:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
in the adventure that your 401k is a zombie, make contributions only the matching, and then placed something on your person IRA. the super field clothing like constancy are reasonably priced. you should purchase maximum solid mutual money, and you're able to be able to additionally purchase and sell inventory. while you're in a low tax bracket (traditionally) placed the money in a roth IRA (after tax). you additionally can use a usual IRA, yet there are rules. you will possibly no longer have the skill through fact your business enterprise provides a 401K, yet your better half can.
2016-10-31 02:49:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends.
If you are contributing to a Traditional IRA, it depends on how much you have contributed towards the 401K, and traditional IRA. They are both tax deferred, not tax deductable.
If you are contributing to a Roth IRA, it is not tax deferred, but when you take it out after retirement age, all the gains are tax free.
My way is, contribute the maxium towards your 401K, then you can contribute the maxium towards a Roth IRA.
2007-05-22 08:10:41 · answer #3 · answered by Darth Vader 6 · 0⤊ 3⤋
If it is not a Roth IRA then the answer would be yes.
2007-05-22 08:39:53 · answer #4 · answered by acmeraven 7 · 1⤊ 0⤋
yes
2007-05-22 08:36:39 · answer #5 · answered by Lexie b 1 · 0⤊ 0⤋
If it is a Roth: No.
If it is a Traditional: Maybe. It depends on your income and your filing status.
2007-05-22 08:16:39 · answer #6 · answered by Wayne Z 7 · 2⤊ 3⤋