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Is money from 401k considered income for the year?

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Withdrawals from 401k accounts are added to your general income for that tax year.
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Is it best to put money into 401K and pay taxes at earned income rates or pay taxes up front and pay capital gains and dividend rates?

There are a few different ways to answer this question. * First, it matters whether or not your employer matches any of your 401(k) contributions. Ninety percent of employers

Is 401K savings considered earned income while collecting Social Security?

No. Distributions from a 401k are unearned income for Social Security purposes, and do not affect the benefit amount you receive under regular SS retirement or SSDI (disabilit

Are you considered middle or upper class if income is 73000.00 A year?

Lower Middle. (additional from other than original answerer) this varies from community to community based on cost-of-living (73k buys a nice life in iowa but you could starve

What percentage of your income can you contribute to your 401k?

There is no limit based on percentage of income. However, most employer plans set a limit as a percentage of salary. Check with your employer for the limit they have set. Th

How old do you have to be to take money out of 401k?

You can take money out of a 401k if you leave the company, your employer dissolves the plan, you qualify for a limited number of hardship exceptions, or you reach the "retirem

Does Social Security count 401k as income?

My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned inco

Is a 401k considered part of an estate?

  It is considered part of the estate for the purpose of determining estate tax. It is owned by the decedent if that person had the right to change the beneficiary up unti

Do you file an income tax return if you have made no money this year?

No, if you made nothing in the year.   If you are self-employed and have filed in previous years, then you also need to file for the prior taxable year. There is big differ

Is gifted money considered income?

NO. As long as it is a QUALIFIED gift that you are receiving according to the IRS gov website definition of a gift. Any transfer to an individual, either directly or indirec

How much money can you put into a 401k in a year?

  There is a limit on the amount of elective deferrals that you can contribute to your traditional or safe harbor 401(k) plan.   * The limit is $15,500 for 2008 and $16

Are both a 401K and an IRA considered to be a money market account?

A money market account (MMA) and a 401(k) plan are not the same. The former is a type of savings account while the latter is an investment account. Some of the key differences