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elleydel
New Member

An old 401k was rolled over to an IRA in February of 2017. Can I contribute to this IRA before 4/18 and get the credit for 2016?

 
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KenH1
New Member

An old 401k was rolled over to an IRA in February of 2017. Can I contribute to this IRA before 4/18 and get the credit for 2016?

Yes, that would count.  Ideally you would open a separate IRA, because the state tax treatment may be different when you withdraw (the rollover money will be taxable but the IRA may not be).  But you are allowed to contribute additional dollars to a Rollover IRA.

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3 Replies
KenH1
New Member

An old 401k was rolled over to an IRA in February of 2017. Can I contribute to this IRA before 4/18 and get the credit for 2016?

Yes, that would count.  Ideally you would open a separate IRA, because the state tax treatment may be different when you withdraw (the rollover money will be taxable but the IRA may not be).  But you are allowed to contribute additional dollars to a Rollover IRA.

KenH1
New Member

An old 401k was rolled over to an IRA in February of 2017. Can I contribute to this IRA before 4/18 and get the credit for 2016?

If the IRA is a Roth, then no problems whatsoever
dmertz
Level 15

An old 401k was rolled over to an IRA in February of 2017. Can I contribute to this IRA before 4/18 and get the credit for 2016?

This answer assumes that one is eligible to make the IRA contribution based on having eligible compensation and, in the case of a Roth IRA, not exceeding the AGI limit.

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