A 401(k) is a tax-deferred account. That means you do not pay income taxes when you contribute money. Instead, your employer withholds your contribution from your paycheck before the money can be subjected to income tax. As you choose investments within your 401(k) and as those investments grow, you also do not need to pay income taxes on the growth.
Do I Pay Taxes When I Rollover a 401(k) to an IRA?
Official Site: https://www.wickhamservices.com/2019/08/do-i-pay-taxes-when-i-rollover-a-401k-to-an-ira/
Rollover Funds You can also avoid taxation on your Roth 401 (k) earnings if your withdrawal is for the purposes of a rollover. If the funds are simply being moved into another retirement plan or…
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