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.
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.
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?