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bobo

401k after-tax money contributions

By bobo in Moving to the US and Your New Life In America

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bobo Contributor

bobo   2

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My husband made a last minute contribution to his 401k with after tax money (for 2007 plan year). Is this amount tax deductible? I looked on 1040 instructions and I did not see any possibility.

The contribution was made in order to further lower the taxes, because I know that in Canada is possible to deduct from the taxable income any amount contributed to RRSP.

Thank you.

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Nikita2Charles Proficient

Nikita2Charles   31

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Filed: K-1 Visa Country: Dominican Republic
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Check with your 401k rep. I am not sure where that will fit in since that money has already been taxed. however you can deduct A Roth IRA, I would also check with an accounting or tax rep.

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Jasman0717 Grand Master

Jasman0717   8

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Any money deposited to a standard 401k is tax deferred. I think you can put up to $15,600 in it annually unless you are over 50 or within 3 years of retiring and then you can put more.

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Jamie76 Proficient

Jamie76   0

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I can understand the idea of lowering taxes, but why would he take after tax money and put it in to his 401K? It's like being taxed twice.

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