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Level 1

Solved

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

Forum|Forum|7 years ago
June 5, 2019
2 replies
12 views

No text available

TurboTax Free Edition Online

Best answer by AnnaB

No, a 401(k) is not considered an IRA; although, it is a tax-advantaged retirement account.

An IRA (individual retirement arrangement) has to be specifically opened and contributed to through a financial institution. This is done with your after-tax paycheck dollars and is completely independent of your work salaries and wages.

When you put money into an IRA, you indicate whether you would like to open a Traditional IRA or a Roth IRA. Depending on eligibility, Traditional IRA's may be tax-deductible; however, the entire amount is taxed when you take the money out. On the other hand, contributions to a Roth IRA are not deductible, but the entire amount will not be taxed when you take it out at retirement.

AnnaBAnswer

Level 7

No, a 401(k) is not considered an IRA; although, it is a tax-advantaged retirement account.

An IRA (individual retirement arrangement) has to be specifically opened and contributed to through a financial institution. This is done with your after-tax paycheck dollars and is completely independent of your work salaries and wages.

When you put money into an IRA, you indicate whether you would like to open a Traditional IRA or a Roth IRA. Depending on eligibility, Traditional IRA's may be tax-deductible; however, the entire amount is taxed when you take the money out. On the other hand, contributions to a Roth IRA are not deductible, but the entire amount will not be taxed when you take it out at retirement.

Level 2

Can you. Please. Locate it;

For. Me

Thank you

Mr.luna

Level 15

@LAWRENCELUNA77

This is a public forum ... no one here can do anything for you even if we knew what you were talking about.