TaxAudit Blog

Tag: 401(k)

IRA and 401k written on eggs with a money background

When considering using retirement funds to help pay for a new home, there are generally two common options taxpayers can consider: A 401(k) plan or an IRA.

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Roth and Traditional IRS Plus and Minuses

It seems like a simple idea: convert that account to a Roth and you can withdraw the money tax-free in future years. But is it a good idea for you?

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Covid-19 401k Distribution

Under the CARES Act, you can receive a “qualified coronavirus-related distribution” from your retirement plan and avoid the 10% penalty on early distributions.

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401k nest egg

401k loans aren't reported on your federal tax return unless you default on them. Then it becomes a distribution and subject to the rules of early withdrawal.

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401k nest egg

As the end of the year approaches, the holidays are probably more on your on your mind than saving on your taxes.

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