401(k) and Rollover as a deduction? Health?

Question

I recently made contributions to a 401(k) plan with a former company and they were before tax. I rolled that over to a Fidelity IRA, is it tax deductible?

Also, are premiums contributed to a health plan before tax, tax deductible? How about contributions for a domestic partner after tax? Thanks everyone!

Answer 1

You will not take a deduction for your IRA rollover on your tax return.  Your income from your employer was reduced by the 401k contribution, so you paid no tax on that contribution.  

You will receive a 1099R for the IRA rollover contribution and will record it on your tax return.  It will not increase or decrease your taxable income.

When you pay health insurance premiums at work and your pay is reduced by the premium amount, the premiums are tax-free.  The premiums will not appear as income on your W-2 and no further deduction is taken on your tax return.

If you pay health insurance premiums after-tax, they are deductible for you, or a dependent.  If your partner is your dependent, you can use the premium as a medical deduction.

Answer 2

Pre-tax money is the tax deduction, you don't get a 2nd one.

The premiums for your partner's health care is only deductible if they are a dependent on your tax return.   If your partner made more than $3400 last year, they made too much money to be a dependent.