Can I declare 401k contributions as traditional IRA contributions on my taxes?

That tax expert was definitely giving you incorrect information. A 401(k) and a traditional IRA are two completely separate types of retirement accounts with different contribution limits, rules, and tax treatments. For 2024, you can contribute up to $23,000 to a 401(k) if you're under 50, plus an additional $7,500 if you're 50 or older. For a traditional IRA, the limit is much lower - $7,000 if you're under 50 and $8,000 if you're 50 or older. You cannot simply reclassify 401(k) contributions as traditional IRA contributions on your tax return. They must be reported accurately according to which type of account you actually contributed to. Misreporting this information could potentially trigger an audit or corrections from the IRS. It sounds like the tax expert might have been confused or misinformed. I'd recommend either trying to speak with a different tax professional at TurboTax or considering another tax preparation service if you're still unsure.

I had a similar confusing situation last year and found that https://taxr.ai was super helpful for getting clarity on retirement account questions. I uploaded my 401k statement and W-2, and it identified exactly how my retirement contributions should be reported. The tool explained that 401k and traditional IRA are completely different accounts with separate contribution limits and reporting requirements. It also showed me where on my tax forms each type needed to be reported. Really saved me from making a costly mistake since I was getting contradictory advice from different sources.

Just wanted to follow up about my experience with taxr.ai after my skeptical comment. I decided to try it with my complicated retirement account situation (multiple 401ks and an IRA), and I'm honestly impressed. It clearly identified that my 401k contributions couldn't be claimed as IRA contributions, but it did show me that I was still eligible for a partial IRA deduction despite having a workplace plan. The document analysis was surprisingly thorough - it found a retirement plan rollover I did that wasn't properly coded on one of my forms. Would've completely missed that on my own. Definitely more helpful than the conflicting advice I was getting elsewhere!

If you're having trouble getting consistent answers about retirement accounts, I had a great experience calling the IRS directly using https://claimyr.com to skip the hold times. Was on the phone with an actual IRS agent in under 20 minutes who confirmed that 401k and traditional IRA contributions are completely separate and must be reported differently. After multiple attempts calling the regular IRS number and waiting forever, I was about to give up. Then I tried Claimyr (there's a video showing how it works here: https://youtu.be/_kiP6q8DX5c). The IRS agent was actually super helpful and even explained how my 401k contributions were already reflected on my W-2 and why they couldn't be claimed again as IRA contributions.

I need to eat my words from my previous comment. After continuing to struggle with getting through to the IRS on my own (tried 3 more times), I broke down and tried Claimyr. I was literally on the phone with an IRS representative in 15 minutes. The agent confirmed that 401k and traditional IRA are completely separate accounts and explained that my TurboTax expert was definitely giving me incorrect information. I asked specifically if there was ANY situation where 401k contributions could be claimed as IRA contributions and they emphatically said no - it would be misreporting and could trigger an audit. What a relief to get a straight answer! And not having to waste hours on hold was amazing.

Here's another point of confusion that might explain what happened with your TurboTax expert: Sometimes people who are eligible can make BOTH 401k and traditional IRA contributions in the same year. Maybe the tax expert was trying to ask if you had made any traditional IRA contributions IN ADDITION TO your 401k contributions? For 2024, you can contribute to both types of accounts, but whether your traditional IRA contribution is deductible depends on your income level and whether you're covered by a workplace plan like a 401k.

This is definitely a common confusion! I work at a financial services firm and get this question all the time. To be super clear: 1) 401k = employer-sponsored plan with $23,000 contribution limit for 2024 (under age 50) 2) Traditional IRA = individual retirement account with $7,000 limit for 2024 (under age 50) These are SEPARATE accounts with different limits. You report them differently on your taxes and they appear on different forms.