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.
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The fact that you've been able to contribute directly is a little odd, though. For tax purposes, Traditional IRAs and 401ks are roughly the same, while Roths are pretty different (and I'm pretty sure you would have known about that happening).
But if they converted it to a Traditional, you shouldn't be contributing to it directly. Or at least if you are, those dollars should be tax deductible. At a minimum, you need to confirm what type of an account it is, and if it's a Traditional IRA, I'd dig into whether you can get some tax money back for what you've contributed.