Individual 401K deductable at state level for self employed?
For tax year 2013, I contributed to an Individual 401K and I saw it was deductible at the Federal but not my NJ state level on my tax return. This was from my self employed income. My wife, who works for a company, contributed to her company 401K and it since the contribution was pretax, it was deductible at the Federal and NJ state level. Is this correct?
Are contributions to 401Ks deductible at the Federal and NJ state level to employees while retirement account contributions (e.g. individual 401K and SEP IRA) for the self employed are only deductible at the Federal level?