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alvarez126
Employee
February 20, 2024
Solved

IRA Contributions

  • February 20, 2024
  • 3 replies
  • 0 views

Hi,

I have a Qualified Non -Elective Contribution retirement fund. Is this tax deductible up to the limited amount?

 

 

Thanks,

Bill

    Best answer by dmertz

    A retirement account that receives qualified non-elective-contributions is not an IRA.  Nothing about it is reportable under Deductions & Credits.

    3 replies

    DaveF1006
    DaveF1006
    February 20, 2024

    Yes. According to the IRS, employer contributions are deductible on an employer's federal income tax return, as long as contributions don't exceed limitations in section 404 of the Internal Revenue Code. Please read the link below for additional details.

     

    IRS Section 404

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      A
      alvarez126Author
      Employee
      February 20, 2024

      Thanks for the information, this seems to be for an employer.  Dose this also include an employee such as me for a deduction?

       

      Regards,

      Bill

       

      D
      dmertzAnswer
      Employee
      February 20, 2024

      A retirement account that receives qualified non-elective-contributions is not an IRA.  Nothing about it is reportable under Deductions & Credits.

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