Can you deduct 401k savings on your taxes?

The contributions you make to your 401(k) plan You can reduce your tax liability at the end of the year, as well as your tax withholding each pay period. However, you don’t actually take a tax deduction on your income tax return for your 401(k) contributions. That’s because you receive the benefit of a tax deduction every time you make a contribution with pre-tax dollars.

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