I contributed 9% of my paycheck to my job's 401K and contributed the max alloweble to my roth Ira. can I take a deduction from both, or is my job's income already adjusted to show for the 401K contribution?Actually, you can take a deduction for neither.Your W-2 should already show the 401(k) contribution. Look at Boxes 1 and 5 on your W-2. The amount in Box 5 should be larger than the amount in Box 1 by the amount you contributed to your 401(k), plus any other pre-tax deductions you had, like insurance premiums. The amount in Box 1 is what goes onto your 1040, so the income is already adjusted for your 401(k) contributions.As for the Roth IRA, your contribution is not tax deductible. You pay taxes on the amount contributed now, so that you get tax-free withdrawals in the future, providing your withdrawals meet the requirements.AJ
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