I switched jobs and I rolled my 401K into a newly opened traditional IRA. I was wondering does this rollover count as a contribution that I can claim as a tax deduction?

Forum|Forum|5 years ago
April 1, 2021
2 replies
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dmertz

Level 15

No. This is not a new deductible IRA contribution. Rolling it over allows the income to continue to the tax deferred instead of being taxable. That's the benefit of the rollover.

DaveF1006

Alumni - Intuit

No. You have already taken pre-taxed dollars of deferred income in your 401K so you cannot claim it as an additional contribution in your IRA.

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I switched jobs and I rolled my 401K into a newly opened traditional IRA. I was wondering does this rollover count as a contribution that I can claim as a tax deduction?

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