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Last year I rolled a sizeable 401k into a Scottrade IRA acct. Scottrade does not show an IRA contribution for last tax year (other than that rollover), but they do show a small contribution I recently made this year as contributing to this year's IRA contribution. For last year, as I said, they show 0 for a contribution.

Does this mean that I can still make a contribution for last year that will qualify for tax exemption, or does the rollover use that opportunity for tax deduction up? The rollover was large enough to exceed the allowable deductable amount.

Thank-you for any insight you can provide.

Hank
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Last year I rolled a sizeable 401k into a Scottrade IRA acct. Scottrade does not show an IRA contribution for last tax year (other than that rollover), but they do show a small contribution I recently made this year as contributing to this year's IRA contribution. For last year, as I said, they show 0 for a contribution.

Does this mean that I can still make a contribution for last year that will qualify for tax exemption, or does the rollover use that opportunity for tax deduction up?


Rollovers do not count against your annual contribution limit. See Publication 590.

Phil
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Awesome! Thanks Phil.

Hank
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