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NO.
You cannot have a IRA at work. It is NOT an IRA but a 401(k) Roth reported on your W-2 box 12 and nowhere else.
And what would you hope to gain by doing that? A ROTH IRA is not deductible. You would have to do a conversion from the 401K to the ROTH IRA (If they allow it) and it would all be taxable now. Do you have a ROTH option in your 401K?
Thank you for your reply. Yes, I believe I do have a Roth IRA option in my 401(k). The advantage is that this contribution would be employer matched 1.5%.
@dougregtax wrote:
Thank you for your reply. Yes, I believe I do have a Roth IRA option in my 401(k). The advantage is that this contribution would be employer matched 1.5%.
That is NOT an IRA, it is a "designated Roth" which is another type if 401(k) plan and has nothing to do with a IRA whatsoever.
It's not a ROTH IRA in your 401K. It is a ROTH 401K . IRA and 401K are 2 different things. You do not have a IRA at work. Your employer only matches your contributions to the ROTH 401K and not the regular 401K? You should talk to your employer or HR dept and get clear on it so you understand it better.
It's probably too late to get any match on your prior contributions so just leave them alone and switch your new contributions to the ROTH 401K. But your net paycheck might go down since a ROTH Is not deductible.
OK. Thank you again. If I may please pass one more by you, it would be greatly appreciated.
If contributions to regular Roth IRAs (not a 401(k) designated Roth) for 2020 need to be made by May 17th, 2021, is there such a deadline date this year for contributions to a 2020 401(k) designated Roth?
I emphatically thank you again.
No. 2020 is over. 401K contributions can only come out of your paychecks during the year.
Once again, thank you. It's getting through to me now. Have an outstanding rest of the day! -D
Thank you! Your reply is helping me piece this together. -D
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