Is a 401K the same as a traditional IRA?
The answer to your question: “Is a 401K a traditional IRA?” is no. There is a difference between 401K and traditional IRA accounts.
Traditional IRA vs. 401K
While both plans provide income in retirement, each plan is administered under different rules.
A 401K is a type of employer retirement account.
An IRA is an individual retirement account.
Taxes With 401K or Traditional IRAs
No matter the type of retirement account you choose to open, there will likely be associated tax questions. At H&R Block, we’re here to help. With many ways to file your taxes with H&R Block, you can opt for in-office or virtual tax preparation, keeping all tax laws related to retirement savings accounts in mind, we can make sure you’re producing an accurate tax return that maximizes allowable tax deductions.
Not in need of tax preparation at the moment? Read more about taxes on retirement income, pensions and annuities.
Uber and Lyft drivers must file self-employment income taxes. Learn more with the tax experts at H&R Block.
Not sure if your child’s unearned income qualifies for the kiddie tax? Let H&R Block help you determine if the kiddie tax rules apply to your child’s income.
Unfortunately, sometimes we run into unemployment from time to time. Find out the eligibility for unemployment benefits with help from The Tax Institute.
What are the implications on your taxes if you received too much in unemployment benefits and had to repay? Learn more from the tax experts at H&R Blo