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katestaten
New Member

Is a 401k the same thing as the IRA?

 
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‎June 3, 2019 1:39 PM
last updated ‎June 03, 2019 1:39 PM
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VolvoGirl
Level 15

Is a 401k the same thing as the IRA?

No it’s not.  A 401K comes out of your paychecks pretax and has already been deducted from the wages on your W2 so you can’t deduct it again.

You contribute to an IRA outside of work and enter the contributions under Deductions & Credits.  You may get a tax deduction for Contributions to Traditional IRA accounts.

‎June 3, 2019 1:39 PM
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