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cherwin1
New Member

I contributed to an employer 401k for part of a year. Itook a new job that did not offer a 401k for 6 months. Can I deduct my personal 401k contrib? How do I do that?

 
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KarenM90
Intuit Alumni

I contributed to an employer 401k for part of a year. Itook a new job that did not offer a 401k for 6 months. Can I deduct my personal 401k contrib? How do I do that?

No, if you were an employee and contributed to a 401K at work, your contributions were most likely made pre-tax, and you cannot deduct it as a personal retirement contribution.   

 

A few employees allow you to make after-tax contributions to certain types of 401k's.  These types of contributions usually grow tax-free but are also not deductible.

 

Both of these types of contributions should be reported on your W2, and will be entered into TurboTax when you enter your W2 and TurboTax will alert you if any additional action needs to be taken, depending on your data entry.

 

I do recommend that you contact your 401K administrator at your previous job and discuss your options as far as keeping the funds where they are, rolling your funds over to another retirement plan, or the tax consequences of distributing them to you.

 

 

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