Can you deduct roth 401k contributions

Contributions and earnings in a Roth 401 (k) can be withdrawn without paying taxes and penalties if you are at least 59½ and had your account for at least five years. 2. Withdrawals can be made …

Are 401(k) Contributions Tax Deductible?

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The amount of the credit received depends on the individual’s adjusted gross income reported on their Form 1040 series return. The credit amount is typically 50%, 20%, or 10% of: • Elective salary deferral contributions made to a 401 (k), 403 (b), governmental 457 (b), SARSEP, or SIMPLE plan. • Contributions made to a traditional or Roth IRA.

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