Is it possible to Get a Tax Deduction For My 401(k)?

Ashley Kilroy

Mon, June 5, 2023, 9:00 AM EDT·6 min read

401(k) statementPlanning for retirement requires us to consider not only how to build wealth but how to protect it. Employers offer 401(k)s to address the first need, but careful planning can help us ensure our money stays with us. While you can’t get a 401(k) tax deduction, 401(k) plans make it possible to lower your taxable income. A financial advisor could help you put a tax strategy together for your investments and retirement savings. Here’s how you can reduce your tax liability with your 401(k) and focus on savings.