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Posted by A.G. Kalman on February 27, 2007, 3:36 pm
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cptkirkh wrote:
> I have a 401K through my company and my wife doesn't. If I
> start one for her will we be able to deduct those
> contributions?
If your wife's employer has a 401(k) plan and your wife
meets the eligibility criteria, she can join her employer's
plan. Contributions to a 401(k) are made through payroll
withholding. In addition, other than highly paid
individuals, the contributions from the employee's pay are
pre-tax. Therefore, there is no tax deduction for 401(k)
contributions as that money was never taxed.
--
Alan
http://taxtopics.net
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