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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
What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
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.
How much do you get back in taxes if you claimed zero?
Claimed 0 what?
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
What are the differences in tax implications between a traditional 401k and a Roth 401k?
The main difference in tax implications between a traditional 401k and a Roth 401k is when you pay taxes on the money. With a traditional 401k, you contribute money before taxes, so you pay taxes when you withdraw the money in retirement. With a Roth 401k, you contribute money after taxes, so you don't pay taxes when you withdraw the money in retirement.
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.
Do you pay taxes on employer 401k contributions?
No, you do not pay taxes on employer 401k contributions until you withdraw the money from the account.
Can I deduct 401k contributions on my taxes?
Yes, you can deduct 401k contributions from your taxable income on your taxes, which can lower your overall tax liability.
Can you write off 401k contributions on your taxes?
Yes, you can typically deduct 401k contributions from your taxable income when filing your taxes, which can lower your overall tax liability.
Do I pay FICA on 401k withdrawals?
No, you do not pay FICA (Social Security and Medicare) taxes on 401k withdrawals.
What are the differences between a traditional 401k and a Roth 401k in terms of after-tax contributions and withdrawals?
The main difference between a traditional 401k and a Roth 401k is how they are taxed. In a traditional 401k, contributions are made with pre-tax money, meaning you don't pay taxes on the money you put in, but you pay taxes on withdrawals in retirement. In a Roth 401k, contributions are made with after-tax money, so you pay taxes on the money you put in, but withdrawals in retirement are tax-free.
What are the differences between contributing to a traditional 401k before tax vs a Roth 401k?
Contributing to a traditional 401k before tax means you don't pay taxes on the money you put in now, but you will pay taxes on the withdrawals in retirement. Contributing to a Roth 401k means you pay taxes on the money you put in now, but withdrawals in retirement are tax-free.
What are the differences between contributing to a pretax 401k and an after tax 401k, and how do these choices impact my retirement savings?
Contributing to a pretax 401k means you don't pay taxes on the money you put in now, but you will pay taxes on it when you withdraw it in retirement. Contributing to an after-tax 401k means you pay taxes on the money now, but won't pay taxes on it when you withdraw it in retirement. The choice impacts your retirement savings by affecting when you pay taxes on the money and how much you ultimately have available for retirement.
What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
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
