Quote:
Originally Posted by ThaVirus
Hah. I am a total dipshit.
It is labeled as a rollover IRA. My mistake! Sorry, I wasn't 100% informed on the difference between 401ks and IRAs so I guess I kinda looked at them as interchangeable terms.
I appreciate the help.
EDIT for your edit: Whenever they rolled it over after I left my previous employer, I just let it sit for quite some time, but not too long ago I linked my bank account to it so that I could transfer funds. That's how I contributed the $6k for the two previous years, just moved the money straight from my bank account into the rollover retirement account.. if that makes sense.
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Yeah. It will be taxable on withdrawals but you should be able to deduct the contributions from the your taxable income the year you made them. If you did it this year for sure deduct them. Might be worth amending your return if your preparer works cheap.