Can I Deduct 401k Contributions

Generally Yes….however….. For Tax Year 2016 there are limitations on 401k contributions and deductions. The elective deferral limit for 401(k), 403(b), and most 457 plansAge………………………………….2016Age 49 and under………….$18,000Age 50 and older…………..Additional $6,000 Tax Credit for making a contribution depends on your Adjusted Gross Income (AGI): Credit……………………………….Married Filing Joint…………….Single 50% of Read more…

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