The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
No, you do not pay FICA taxes on 401(k) distributions.
Yes, you do not get taxed for taking a 401k loan, but you may face taxes and penalties if you do not repay the loan on time.
yes
The main difference between a Roth 401k and a traditional before-tax 401k is how they are taxed. With a Roth 401k, contributions are made after taxes, so withdrawals in retirement are tax-free. In contrast, traditional before-tax 401k contributions are made pre-tax, so withdrawals in retirement are taxed as ordinary income.
Distributions from a 401k are taxed like any other income. So, it depends on how much you are receiving each year. If you receive $30,000 a year from your 401k, you will be taxed the same as any person who makes $30,000 per year.
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
No, you do not pay FICA taxes on 401(k) distributions.
Is 401k IRA
Yes, you do not get taxed for taking a 401k loan, but you may face taxes and penalties if you do not repay the loan on time.
yes
Yes, withdrawals from a 401k are taxed as ordinary income. The tax treatment will depend on your total income in retirement and current tax laws.
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
The main difference between a Roth 401k and a traditional before-tax 401k is how they are taxed. With a Roth 401k, contributions are made after taxes, so withdrawals in retirement are tax-free. In contrast, traditional before-tax 401k contributions are made pre-tax, so withdrawals in retirement are taxed as ordinary income.
Yes and the distributions from the pension plan will be taxed to the beneficiary in the same way that they would have been taxed to the deceased.
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.
You can start collecting your 401k without penalty at age 59 and a half, but you must start taking required minimum distributions at age 72.