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Are 401(k) contribution a deduction for determining net income?

April 26, 2017contribution deduction determining k net income

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Are 401(k) contribution a deduction for determining net income?

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No. 401(k) contributions are generally not mandatory. Illinois law only allows a deduction for pensions that are required by your employer. Consequently a 401(k) contribution would only be an allowable deduction if it were required to be made as a condition of employment.