Is a 401k plan an IRA?

Answer A 401k plan is not an individual retirement account (IRA). Both 401ks and IRAs are retirement accounts, but 401ks are set up by companies and IRAs are set up by individuals.Source:IRS: Publication ... Read More »

Top Q&A For: Is a 401k plan an IRA

What is a 401k plan?

According to the Investment Company Institute, on November 10, 1981, the Internal Revenue Service amended the U.S. tax code to allow for the creation of a tax-advantaged investment account known as... Read More »

Can you have a Roth IRA& a 401k plan?

On One Hand: Not Mutually ExclusiveThe Internal Revenue Service does not restrict people to participating in either a Roth IRA or a 401k plan. As long as you have enough earned income to contribute... Read More »

Who created the first 401k plan?

Modern 401k plans were created as part on an Internal Revenue Service tax code change that was enacted by the United States Congress in 1978. The first corporation to begin offering 401k plans to t... Read More »

What is a 401k retirement plan?

A 401K is a retirement account that is set up through an employer and allows you to make regular contributions. Sometimes your employer will match certain contribution amounts, which means that you... Read More »