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Does my 401K qualify as contributing to a traditional IRA?

 
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2 Replies
dmertz
Level 15

Does my 401K qualify as contributing to a traditional IRA?

No.  A 401(k) is not an IRA.

 

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

MaryK4
Expert Alumni

Does my 401K qualify as contributing to a traditional IRA?

No, in general, a 401k is done through payroll deductions from your salary and is handles through your employer.  It is called deferred compensation because it is not included in your Box 1 income and is not taxed now, but when you take it out of the account later.  A traditional IRA is an individual retirement account meaning it is your account.  

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