Skip to main content
TurboTax
Community
TurboTax
TurboTax
A
annette-sauerbry
Level 2
February 4, 2024
Question

I rolled 100% of a 401K to a traditional IRA. Why is only part of it deductible?

  • February 4, 2024
  • 2 replies
  • 20 views
No text available

2 replies

SteamTrain
SteamTrain
Level 15
February 5, 2024

[[ initial response Edited out}]]

___________________________

OR wait!!!...are you talking about deduction for an IRA contribution?

 

The rollover is NOT an IRA contribution......don't enter it as an IRA contribution...the rollover done and enter as a part of the 1099-R...is simply not taxed...you don't get to enter it again as an IRA contribution.

_______

Yeah @VolvoGirl   I just caught that's what they probably meant.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
A
annette-sauerbryAuthor
Level 2
February 6, 2024

Thanks for your help.  I received a form from financial institution regarding the deposit into the IRA. Does that get entered anywhere?

D
dmertz
Level 15
February 7, 2024

The Form 5498 does not get entered anywhere in TurboTax.

VolvoGirl
VolvoGirl
Level 15
February 5, 2024

Deductible?  None of it is deductible.  It is a rollover.  Do not enter it in Deductions as a new IRA contribution.  Only enter the 1099R.  

    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Explore your options
    Terms & ConditionsAccessibility statement
    Sitemap
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2026 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    About Cookies Manage cookies

    TRUSTe nResult Certified e-File C-Level Security Certification
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    © 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

    Copyright © Intuit Canada ULC, 2026. All rights reserved.

    About Cookies Manage cookies

    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    © 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.

    © 2026, Entreprises Intuit Canada ULC. Tous droits réservés.

    À propos des témoins Gérer les témoins