Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 3, 2019 1:39:16 PM

Is a 401k the same thing as the IRA?

0 1 765
1 Replies
Level 15
Jun 3, 2019 1:39:18 PM

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.