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Is traditional ira contributions the one and same as Employer sponsored 401K's?

 
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PaulaM
Employee Tax Expert

Is traditional ira contributions the one and same as Employer sponsored 401K's?

No, these are different retirement accounts. 401ks are contributed to via payroll deductions through your employer. 

A traditional IRA is an account that you would establish on your own (independent of your employer) through a bank, mutual fund, brokerage account, etc.

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1 Reply
PaulaM
Employee Tax Expert

Is traditional ira contributions the one and same as Employer sponsored 401K's?

No, these are different retirement accounts. 401ks are contributed to via payroll deductions through your employer. 

A traditional IRA is an account that you would establish on your own (independent of your employer) through a bank, mutual fund, brokerage account, etc.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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