Question

Is a 401K the same as a traditional IRA?

Answer

The answer to your question: Is a 401K the same as a traditional IRA is no.

A 401K is a type of employer pension plan. An IRA is an individual retirement account. Both plans provide income in retirement. However, each plan is administered under different rules.

Related Topics

Related Resources

Reporting Short Sale On Taxes

Learn more about reporting a short sale on your taxes with advice from the tax experts at H&R Block.

Taxable And Tax Free Sources Of Income

Learn about the different sources of income and determine which ones are taxable and which are tax-free from the experts at H&R Block.

What Is Modified Adjusted Gross Income?

Trying to determine your modified adjusted gross income (MAGI)? Find out what goes into calculating modified adjusted gross income and how it’s used.

Rental Property Expenses

Learn how to report your rental property expenses with advice from the tax experts at H&R Block.