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I contribute 3% from my pay to my retirement. 12D of my w2 has $3040.71. Do I answer yes to the question Did you Contribute To a Traditional IRA? and proceed??

 
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AnnaB
New Member

I contribute 3% from my pay to my retirement. 12D of my w2 has $3040.71. Do I answer yes to the question Did you Contribute To a Traditional IRA? and proceed??

No, those contributions are for a 401(k) (or other employer-sponsored plan).  IRA's are separate accounts that you open at a bank with your take home income.

Answer no (unless you went to a bank and opened a Traditional IRA) and then proceed.

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1 Reply
AnnaB
New Member

I contribute 3% from my pay to my retirement. 12D of my w2 has $3040.71. Do I answer yes to the question Did you Contribute To a Traditional IRA? and proceed??

No, those contributions are for a 401(k) (or other employer-sponsored plan).  IRA's are separate accounts that you open at a bank with your take home income.

Answer no (unless you went to a bank and opened a Traditional IRA) and then proceed.

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