No First taxes are withheld if you are doing a immediate rollover. Rollovers will not be tax-deductible. You could be qualified to deduct around the full total you contribute if your cash flow is under the IRS limitations for subsequent contributions. David Kindness is a Accredited General public Accountant (CPA) https://emiliojpsvw.blogolenta.com/34849972/everything-about-retirement-account-funding