Is a 401K the same as a traditional IRA?
The answer to your question: “Is a 401K a traditional IRA?” is no. There is a difference between 401K and traditional IRA accounts.
Traditional IRA vs. 401K
While both plans provide income in retirement, each plan is administered under different rules.
A 401K is a type of employer retirement account.
An IRA is an individual retirement account.
Taxes With 401K or Traditional IRAs
No matter the type of retirement account you choose to open, there will likely be associated tax questions. At H&R Block, we’re here to help. With many ways to file your taxes with H&R Block, you can opt for in-office or virtual tax preparation, keeping all tax laws related to retirement savings accounts in mind, we can make sure you’re producing an accurate tax return that maximizes allowable tax deductions.
Not in need of tax preparation at the moment? Read more about taxes on retirement income, pensions and annuities.
Do capital gains apply to garage sale money? The answer depends on a number of factors. Learn more at H&R Block.
Professional golfer taxes can be complicated and confusing. Learn more about tricky golfer tax issues like travel deductions and residency rules with H&R Block.
Thinking about renting out a room in your home? Learn more about the potential tax implications with the experts at H&R Block.
Finding your taxable income is an important part of filing taxes. Learn how to calculate your taxable income with help from the experts at H&R Block.