Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

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No, a pre-tax contribution to a 401(k) is not the same as a contribution to a traditional IRA. An IRA is a retirement savings option available to anyone with earned income (or whose spouse has earned income).

A 401k plan is an employer-sponsored retirement plan where you make contributions through salary deferrals

Traditional IRAs

401(k) plans

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Backdoor Roth IRA 2024 - Turbotax is taxing the entire amount of the conversion (which is incorrect - the conversion amount is the same amount as the basis from the non-deductible IRA that I am converting to Roth.

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Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

Traditional IRAs

401(k) plans

Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

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Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

Traditional IRAs

401(k) plans

Does a pre-tax contribution to an employer sponsored 401K count as a contribution to a traditional IRA?

Unlock tailored help options in your account.

Get more help

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