What are the tax implications of my retirement plan?
An example of an AI chatbot conversation about retirement plan tax implications.
What are the tax implications of my retirement plan?
The tax implications depend on the type of retirement plan you have. Are you referring to a 401(k), IRA, or another type?
I have a 401(k). What should I know?
With a 401(k), contributions are made pre-tax, which lowers your taxable income. However, withdrawals in retirement are taxed as ordinary income.
Are there penalties for early withdrawal?
Yes, if you withdraw funds before age 59½, you may face a 10% early withdrawal penalty in addition to regular income tax.
What about Roth IRAs? How do they differ?
Roth IRAs are funded with after-tax dollars, so withdrawals in retirement are tax-free, provided certain conditions are met.
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