What Taxes Are Exempt When You Have a 401K at Work?

Answer Contributions you make to a 401(k) retirement plan are tax free. More specifically, they're income tax free: If you contribute $5,000 out of your paycheck to the account, there's no withholding on ... Read More »

Top Q&A For: What Taxes Are Exempt When You Have a 401K at Work

Is 401k exempt under California bankruptcy law?

With one exception, yes. Federal law--the Employee Retirement Income Security Act (ERISA)--holds that qualified retirement plan assets are protected and not a part of the bankrupt estate. The excep... Read More »

What Taxes Are 401(k) Exempt From?

A 401(k) is a common retirement savings plan offered to employees in the United States. Through a 401(k), employees are able to set aside wages saved for retirement, while also deferring income tax... Read More »

Do I have to pay taxes if I have a 401k& roll it into an IRA?

You do not have to pay any taxes if you roll funds from a 401k plan into a traditional IRA because both accounts offer tax-deferred savings. However, if you roll the money into a Roth IRA, you do h... Read More »

Who can file as exempt from taxes?

Some charities, most religious organizations, and non-profit groups organized under Section 501(c)(3) of the Internal Revenue Code, have exemptions from taxation. Individuals cannot file as tax-exe... Read More »