What are the tax advantages of a 401(k)?
An example of an AI chatbot conversation about the tax benefits of a 401(k) retirement plan.
What are the tax advantages of a 401(k)?
A 401(k) offers tax-deferred growth, meaning you don't pay taxes on contributions or earnings until withdrawal.
Are there limits on how much I can contribute?
Yes, for 2023, the contribution limit is $22,500, or $30,000 if you're 50 or older.
What happens if I withdraw money early?
If you withdraw before age 59½, you may face a 10% penalty plus income tax on the amount withdrawn.
Can I roll over my 401(k) to an IRA?
Yes, you can roll over your 401(k) to an IRA without tax penalties, which can provide more investment options.
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