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Is Icon a pre-tax account? Why are my contributions post-tax?

Updated over 3 weeks ago

If your Icon account is a traditional IRA that means the contributions to your Icon account are tax-advantaged or ‘pre-tax.’ However, the funds are contributed on a post-tax basis, so when you file your income tax return, you’ll need to indicate the amount that was contributed to your Icon account. It’s easy to find this information! Just look in the Icon platform under Manage Contributions→ Contributions are on your most recent account statement.

The amount displayed in the platform and on your statement will include all contributions made to your individual Icon account for the tax year. This includes the amount you contribute each pay period, any contributions from a personal bank account, and any discretionary bonus contributions from your employer.

Your Icon contributions will not be on your W2.

If you make a withdrawal from your Icon account, you’ll receive a form 1099 that you’ll need to include with your tax documents.

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