Contributions to a Traditional 401(k) plan are made on a pre-tax basis, resulting in a lower tax bill, and higher take-home pay. Contributions made to a Roth 401(k) are made on an after-tax basis, which means that taxes are paid on the amount contributed in the current year. The reverse is true once you are eligible to make 401(k) withdrawals. Withdrawals from Traditional 401(k) plans are taxable, while those made from a Roth 401(k) are not.
How to find out if you’re eligible for the advance child tax credit
Many families will be eligible for advance child tax credit payments starting in July. Find out whether you’ll receive these payments.
What the CARES Act means for you
Millions of Americans will soon receive stimulus payments to help lessen the impact of the COVID-19 crisis. Here’s what you should know about the CARES Act.