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Absolutely, back in 1993. It was a one time 15% tax on all private pensions, IRA's and 401 k's. The idea died with the election of the Republican congress in 1994.
Wiki User
∙ 11y ago
There is no clear evidence suggesting that Bill Clinton specifically considered taxing the 401k. However, during his presidency, there were discussions about potential changes to the tax treatment of retirement savings. Ultimately, no significant changes were made to the taxation of 401k plans during Clinton's tenure.
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What Govenor enacted the used car sales tax in Arkansas?
Bill Clinton
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.
What is the tax consequence of the 401k retirement plan?
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
Are 401K contributions tax deductible?
401k's are not tax-deductible in the normal sense of the word. However, since normal 401k contributions are made with pre-tax funds, taxable income is reduced. As taxable income is reduced, tax is then reduced as well.
Does a 401K or Roth IRA provide greater tax efficiency?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not. A Roth grows tax free, while a 401k is taxed when you withdrawl the funds.
where do i declare my 401K on my 1040 tax form?
how others will about your tax matters i am not an tax officer to know it
Where can I go to find out if the 401k calculator tax is a good calculator?
One website where you can find some of the pros and cons for the 401k calculator tax is: http://www.401kplanning.org/calculators-tools/401k-savings-calculator/
What can you do with your 401k after you have been terminated?
You may be able to leave your 401k with the employer. Some plans will allow this some will not. Read your 401k Summary Plan to learn what your plan says. The BEST IDEA would be to transfer your 401k savings to your Traditional IRA. Select your IRA custodian, and tell them what you want to do. This IRA custodian will help you with this transfer. Doing a Trustee To Trustee Transfer is best. This would guarantee no tax withholding, no tax and no penalty. Now you have many more investment choices for your retirement savings. Here is one you can do, but it is not recommended. You can take the 401k money for your use. Here 20% will be withheld for income tax and and if applicable, the 10% penalty. But don't think that will pay the tax and penalty on this. The tax and penalty will likely be more than the the amount withheld . It is likely you will also need to pay state income tax on this amount. If have a new employer, some 401k plans will accept money from your former employer's 401k. You may be able to move your old 401k money to your new employer's 401k plan. Most 401k plans will not do this.
What are the tax consequences of a 401k rollover from my old job?
A 401k rollover is an option that comes with very few tax consequences. If you setup the rollover incorrectly you could face tax liability that is unexpected.
Will the government borrow from your 401k?
No. They can tax it if you withdraw from it, but borrow no.
What are the 401k rollover rules?
Before you rollover your 401k there are many things you need to be aware of. The biggest thing you should look in to is tax rules regarding your 401k. You will probably be able to draw from your account but you will also owe a sizeable amount of tax on the money when tax season comes around.
how much state tax is withheld from 401k at age 62?
The amount of state tax withheld from a 401k at age 62 will depend on the state in which you reside. Each state has its own tax laws and rates. It is best to consult with a tax professional or refer to your state's tax authority website for specific information on state tax withholding for 401k withdrawals.
