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beauc1jm
New Member

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

 
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AnnaB
New Member

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

No, a 401(k) is not considered an IRA; although, it is a tax-advantaged retirement account.

An IRA (individual retirement arrangement) has to be specifically opened and contributed to through a financial institution.  This is done with your after-tax paycheck dollars and is completely independent of your work salaries and wages.

When you put money into an IRA, you indicate whether you would like to open a Traditional IRA or a Roth IRA.  Depending on eligibility, Traditional IRA's may be tax-deductible; however, the entire amount is taxed when you take the money out.  On the other hand, contributions to a Roth IRA are not deductible, but the entire amount will not be taxed when you take it out at retirement.

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3 Replies
AnnaB
New Member

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

No, a 401(k) is not considered an IRA; although, it is a tax-advantaged retirement account.

An IRA (individual retirement arrangement) has to be specifically opened and contributed to through a financial institution.  This is done with your after-tax paycheck dollars and is completely independent of your work salaries and wages.

When you put money into an IRA, you indicate whether you would like to open a Traditional IRA or a Roth IRA.  Depending on eligibility, Traditional IRA's may be tax-deductible; however, the entire amount is taxed when you take the money out.  On the other hand, contributions to a Roth IRA are not deductible, but the entire amount will not be taxed when you take it out at retirement.

LAWRENCELUNA77
New Member

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

Can you. Please. Locate it;

 

For. Me

Thank you

Mr.luna

 

 

Critter
Level 15

How can I tell if I have an IRA or Roth IRA? I know i contribute to a 401K, does that count?

@LAWRENCELUNA77 

 

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