Do I have to open a new IRA to get the deduction or can I add to the one that I recently opened and transferred over $10,000 to (401k from last year's employer)?

RJPB · ‎June 4, 2019

PaulaM · ‎June 4, 2019

You can make your contribution either way. It just needs to be a new contribution, but it doesn't matter if you open a new IRA or contribute to an existing IRA.

Some people do like to keep IRA's funded by rollovers separate from other IRA's, but there is no requirement to do so.

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PaulaM · ‎June 4, 2019

You can make your contribution either way. It just needs to be a new contribution, but it doesn't matter if you open a new IRA or contribute to an existing IRA.

Some people do like to keep IRA's funded by rollovers separate from other IRA's, but there is no requirement to do so.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Do I have to open a new IRA to get the deduction or can I add to the one that I recently opened and transferred over $10,000 to (401k from last year's employer)?