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

Powerball Taxes: Are Lottery Earnings Taxable?

Would winning the lottery affect your taxes? Learn more about how your taxes could change after a Powerball payout with H&R Block.

Is My Money A Gift Or Inheritance?

Is the money you received considered a gift or inheritance? Learn more from the tax experts at H&R Block.

Stock Dividends

Are stock dividends taxable? Learn more about stock dividends and get tax answers at H&R Block.

Report A Cash Gift On Taxes

How should you and your spouse report a joint cash gift on your taxes? Learn more from the tax experts at H&R Block.