turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is ira and 401k the same thing??

 
1 Reply
PaulaM
Employee Tax Expert

Is ira and 401k the same thing??

No, they are not the same type of retirement plan.

IRA: Individual Retirement Plan, is one that you setup on your own, outside of your employer. Open an account with banks, mutual funds or brokerages. Contributions can be deductible on your tax return.

401k: These are employer-sponsored plans. Contributions are made pre-tax via payroll deductions. Contributions are reflected on your W-2. 

Distributions from both plans would be reported on a 1099-R and entered into your tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies