Question

Does rolling over my 401k to a new Roth and traditional IRA count as a contribution?

Forum|Forum|3 years ago
February 1, 2023
1 reply
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I recently changed jobs and decided to rollover my 401k into a Roth and a traditional IRA, i was wondering does this count as a contribution that can be written off on my taxes.

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ThomasM125

No, that is not a contribution. If the 401-K was a traditional 401-K as opposed to a Roth 401-K, you will need to pay tax on the income portion of the rollover.

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