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Get your taxes done using TurboTax
Yes, the traditional 401(k) is the regular 401 (k) from the old days and usually contributions are from pre-taxed money at work. Yes, if you do not have any Roth 401(k) or Roth IRA then you can ignore these questions / answer that you do not have them.
The Roth 401 (k) is also offered by employers and contributions are made from after-tax money.
Both the regular 401(k) and Roth 401(k) contributions are on your W-2 in box 12 and you do not have to enter these contributions anywhere else.
Traditional IRA and Roth IRA are retirement accounts that you open outside of work with your bank. Please see IRS Retirement Topics - IRA Contribution Limits for more information.
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March 7, 2021
7:12 AM