ahyoussef
New Member

Is traditional IRA deductible if I have roth 401k?

If I have both Roth 401k and traditional IRA, can I claim the IRA contributions as deductions since the Roth 401k contributions are already taxed?

Retirement tax questions

If you are covered by a retirement plan at work then how much, if any, of a Traditional IRA contribution is deductible depends on your MAGI and filing status.

See this IRS link for IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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ahyoussef
New Member

Retirement tax questions

So, it doesn't matter whether the retirement plan is traditional 401K or roth 401K?

Retirement tax questions

No - any employer retirement plan.  A 401(k) Roth is still a 401(k).

Covered by a retirement plan at work is usually indicated by box 13 on your W-2.

TurboTax makes that determination if any of the following are true:

1) Box 13 (retirement plan) on your (or spouses) W-2 is checked,
2) Box 12 on your (or spouses) W-2 contains codes D, E, F, S, or AA.
3) You answered “yes” to the “Are you covered by a Retirement Plan at work” in the interview.
4) You have a self-employed retirement plan.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**