0
You can elect for either under most plans...butit is virtually always done as a contribution BEFORE tax, and not included in yoiur current earnings. That is in fact one of the big benefits..your 401k contributions aren't taxed going in...they arent' taxed while they grow...and only when you start to withdraw them on retirement, is what you take out taxed.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Do you have to file taxes paid on a 401k if you have no wages?
did you cash in the 401k? taxes would already be taken out if so. but you do have to do it again when tax season comes about. they won't make you pay more but you have to show it
Do you pay taxes on 401k?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Can you roll over a 401K to a Roth Ira without paying taxes?
Yes. But it is much better and no taxes will be withheld if you have the trustee do a direct transfer from the 401K trustee to the IRA trustee and you do not receive any of the funds in your hand.
Do you have to pay taxes on a 401K at age 59 12?
when you withdraw the money, yes.
Can an employee cash out a 401k?
yes you can, however on some plans u r subject to repay back and also u r subject to having early taxes as well because when your payroll deductions are made, ur 401k comes out first before your taxes, i cashed out my 401k back in 2003, even though lots of taxes were held out and penalty taxes, not enough was taken out and therefore i have to still pay the IRS over $10,000 and they charge interest as well. as to this day i still owe them$7000. so think long and hard before you do
How much money is taken out of your paycheck for taxes if you are married in Florida?
31% for taxes and 2% for your pension/401k
Do you have to file taxes paid on a 401k if you have no wages?
did you cash in the 401k? taxes would already be taken out if so. but you do have to do it again when tax season comes about. they won't make you pay more but you have to show it
Do you pay taxes on 401k?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
What is a roth 401k retirement plan?
In a 401k roth plan a person can decide to contribute before or after taxes, which is not available in a regular 401k. This can be very beneficial to some people.
What are statutory deduction?
This term pertains to payroll deductions that are taken from payroll checks. The statutory/mandatory deductions taken from your payroll check are 1-Federal Income Tax. 2- Social Security Tax. 3- Medicare. 4- State Taxes (if applicable.) These taxes are deducted from your gross pay amount before any additional voluntary deductions are taken. What is left is your net pay or disposable wages. If you have a garnishment issued against your payroll, this is the money that is used to determine what is paid to the creditor. Usually a percentage of your disposable income is requested and your payroll office will be able to tell/ show you how they came to that number. They will also be able to tell you how much you have paid and when the garnishment will end. Don't be afraid to ask them.... it's their job. Voluntary deductions would include: Medical/ dental insurance, 401K, Aflac, garnishments (child support, creditor..).
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Do I pay taxes on my 401K after age 62?
Do I ay taxes on.my 401k at age 62
What's the difference between Roth and a 401K?
The difference between a Roth 401k and a regular 401k is that the Roth 401K is a after-tax contribution and the regular 401K is a pre-tax contribution. You pay taxes on the Roth 401K now in order to avoid taxes at withdrawal. The regular 401 is a tax credit for the year deposited with taxes paid at the time of withdrawal.
I my divorce decree I get half of my ex's 401k can I use any of that money to pay bills with out a penality or tax against me?
No. You won't be able to use it for bills without having to pay 20% in taxes. Usually the 20% in taxes is taken out before you get your money. For example if you are to get $100k from your ex's 401k you will only receive $80k. The only way to keep from having to pay taxes on it is to roll it over into an approved retirement fund.
What is the maximum 401K contribution one can make each year?
The maximum 401k contribution a person can make each year is $17,000. That amount is before taxes. It is estimated that 33% of Americans don't make a substantial contribution to their 401k plans.
Are you allow to pay the president a salary and 401k plan of a non-profit charitable organization?
Under a non-profit organization are allow to pay the president a salary and 401k plan and should taxes be taken out of th salary
