Can you deduct 401k savings from your taxes?

Answer On One Hand: No Deduction on Your Tax ReturnPersonal tax-return forms have no place for you to record a tax deduction for a 401k contribution such as the one for an IRA contribution, regardless of ... Read More »

Top Q&A For: Can you deduct 401k savings from your taxes

Can I deduct a contribution to an IRA if I have a 401k at work?

You may be able to deduct a contribution to a traditional IRA if you have a 401k plan at work if your modified adjusted gross income falls below the annual limits. These limits change each year wit... Read More »

Things You Can Deduct From a Health Savings Account?

The best way to determine what medical expenses to deduct tax-free from a Health Savings Account is to follow the guidelines in IRS Publication 502, "Medical Expense Deductions," and IRS Publicatio... Read More »

Can a Bank Deduct Late Payments From My Savings Account?

Your bank has a way to make you pay your debt without going through the courts: the right of offset. Because of the potential for abuse, the federal government places heavy restrictions on a bank t... Read More »

Do I have to pay taxes if I have a 401k& roll it into an IRA?

You do not have to pay any taxes if you roll funds from a 401k plan into a traditional IRA because both accounts offer tax-deferred savings. However, if you roll the money into a Roth IRA, you do h... Read More »