Do 401ks get a tax credit?
Yes, 401K's are taxed. To find out more information, visit http://www.ehow.com/about_4710171_how-k-taxed.html.
Answered
by Tierney G.
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About Tax Credit
Tax credits are deducted from the various forms of tax, which must be filed through the federal government, state, or local municipality. Most people think of tax credits as a discount.
About 401k
A 401K plan enables employees to save money for retirement in a tax free fashion until the money is withdrawn from the account upon the acceptable retirement age. The funds in the account can be invested in different stocks, bonds, mutual funds or other assets. This was created by Congress in 1981 and is named 401k due to the section of the Internal Revenue Code that describes it.
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