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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 195
Experience:  Business Consultant/Accounting Manager
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I have 401 K setup but did not contribute anything for last

Customer Question

I have 401 K setup but did not contribute anything for last couple years, however, I did contribute to traditional IRA for 2015, when I try doing taxes, it will not allow me to enter the IRA amount, as I have 401K , which had not contributions.Now while I have 401K without anything going in it for entire year, can I contribute to traditional IRA and take deduction?
Submitted: 2 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 2 months ago.

Hi. Great Question. You can contribute to a traditional IRA; also, you can take the deduction, as long as you are within the limits.

Expert:  ABC Accounting Group replied 2 months ago.

If you have any questions, let me know. If not, a positive rating is very much appreciated. Have a great night.

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