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Level 2

Solved

Rolllover 401k IRA contribution count towards tax deduction?

1 reply
1183 views

I have a traditional 401k through my employer. I also have a rollover 401k IRA from my past employer.

Due to negligence, I missed on contributing the entire $23500 to my employer’s 401k plan. As a mitigation effort, will me contributing to the rollover 401k by 12/31/25 help in achieving overall tax deduction in the 2025 filing? If so, how would I report this in Intuit when filing the return on TurboTax?

Level 15

There is no such animal as a 401(k) IRA. You cannot contribute directly to a rollover 401(k) account. A rollover 401(k) is specifically designed to hold funds that have been transferred from a previous employer's 401(k) plan or another qualified retirement account, such as an IRA. Once the funds are rolled over, you cannot add new contributions to that account. you can establish an IRA and contribute subject to IRA limitations.

Mike9241

Answer

Level 15

There is no such animal as a 401(k) IRA. You cannot contribute directly to a rollover 401(k) account. A rollover 401(k) is specifically designed to hold funds that have been transferred from a previous employer's 401(k) plan or another qualified retirement account, such as an IRA. Once the funds are rolled over, you cannot add new contributions to that account. you can establish an IRA and contribute subject to IRA limitations.

Mike9241