Employer 401k Rollover
I have about 7k in a company 401k, but am leaving the company for a different one.
If I roll this over to an IRA at Vanguard and subsequently join another company that has a 401k plan, can I deduct the 7k on my taxes that I rolled over since it was initially in a 401k?
I ask because the limit on an IRA is only 5,500, and further, if one is covered by an employer's 401k plan and makes over a certain amount (which I do), then there is no deduction allowed at all.
What's the best thing to do here?
Thank you for any help.
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