Does the IRS treat a Rollover IRA the same as a Traditional IRA? TurboTax asks for the value of my traditional IRA, but I have a Rollover. Do I enter the rollover value?

[DavidD66 · Accepted solution]

Yes, the IRS treats a Rollover IRA the same as a Traditional IRA, as long as it's not a Roth IRA.  You can rollover a Roth 401(k) to a Roth IRA.  But if you are referring to a non-Roth IRA that was rolled over, it is a Traditional IRA, just denoted as a rollover.  

[1597980]

2023 is the first year I became self-employed.  After I prepared my taxes, I see that I'm eligible to make a tax deductible contribution to a Traditional IRA for 2023.  Currently I only have a rollover IRA.  I believe I can contribute to my current Rollover IRA rather than opening up a new Traditional IRA.  Am I correct?

[CatinaT1]

That is correct. You do not need to open a new IRA, you can contribute to an existing one.