Is a 401K the same as a traditional IRA?
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.
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Generally, a wash sale is what occurs when you sell securities at a loss and buy the same shares within 30 days before or after the sale date. Wash sale rules are designed to prevent investors from creating a deductible loss for the purpose of offsetting gains with only a short interruption in owning the security.
There are two different types of IRAs - traditional and ROTH. Use this IRA calculator from Betterment and H&R Block to determine which one is best for you.
Generally, paying gift tax is not an issue for the person receiving the gift. The giver, however, will generally only file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $15,000 per person for 2018. The giver may also not owe gift tax due to their lifetime exemption.
