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trum944533
March 8, 2022
Question

Should contributions made in 401K be counted as contributions to an IRA?

  • March 8, 2022
  • 1 reply
  • 0 views
I am asked if I made a contribution to a traditional IRA. My only contributions are made in a 401K plan, should contributions made in 401K be counted as contributions to an IRA?

1 reply

VolvoGirl
VolvoGirl
Employee
March 8, 2022

No.   A 401k and IRA are different things.  The 401K contributions come out of your paycheck pretax and has already been deducted from your gross wages and you can't deduct it again.  You only report 401k from your W2.  

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