ST Alpha - "not on a pretax basis we can't . -- nm" (Reading a Post)

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In response to "can't you guys put your own money into a a 401K (or equivalent) to get the tax break without doing it through work>?" by Andie

not on a pretax basis we can't . -- nm

Posted by decline (aka Decline) Aug 30 '10, 09:29

(No message)

Responses:

Yes you can. It's an IRA. Though there are different styles of IRA, some of which are pre-tax and others of which aren't. -- nm - pmb Aug 30, 09:31 2
- true, but if you contribute to an 401k plan, you lose the tax deductibility of the IRA phases out as your income increases -- nm - decline Aug 30, 09:34 1
  - hmm, kind of garbled. Traditional IRA's are tax deductible (essentially making them pre-tax) but only 100% if you are not coved by a 401k - decline Aug 30, 09:35
wow, that's kooky. -- nm - Reagen Aug 30, 09:30
what if you are self employed? -- nm - Andie Aug 30, 09:29 1
- if self employed you can have what is called a SIMPLE plan (which is kind of like a mini-401k) -- nm - decline Aug 30, 09:31

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