401(k)计划:基础

If you are like many Americans, you likely have an employer-sponsored retirement plan.  This is the first article in a three-part series about 了解401 k, 403b和固定收益计划.

Retirement plans established under Section 401(k) of the Internal Revenue Code, 通常被称为“401 (k)计划,” have become one of the most popular types of employer-sponsored retirement plans.

了解401(k)计划

A 401(k) plan is an employer-sponsored retirement savings plan that offers significant tax benefits while helping you plan for the future. You contribute 按照计划 via payroll deduction, which can make it easier for you to save for retirement. One important feature of a 401(k) plan is your ability to make 税前贡献 按照计划. Pre-tax means that your contributions are deducted from your pay and transferred to the 401(k) plan before federal (and most state) 所得税 are calculated. This reduces your current taxable income — you don’t pay 所得税 on the amount you contribute, or any investment gains on your contributions until you receive payments from the plan.

例如, Melissa earns $50,000 annually. She contributes $5,000 of her pay to her employer’s 401(k) plan on a pre-tax basis. As a result, Melissa’s taxable income is now $45,000. She isn’t taxed on her contributions ($5,000), or any investment earnings until she receives a distribution from the plan.

You may also be able to make 罗斯贡献 你的401(k)计划. Roth 401(k) contributions are made on an after-tax basis, just like Roth IRA contributions. Unlike 税前贡献 to a 401(k) plan, there’s no up-front tax benefit — your contributions are deducted from your pay and transferred 按照计划 after taxes are calculated. But a distribution from your Roth 401(k) account is entirely free from federal income tax if the distribution is qualified. (See the section below on income tax consequences for more detail.)

我可以供款多少?

一般, you can contribute up to $19,500 ($26,000 if you’re age 50 or older) to a 401(k) plan in 2020 (unless your plan imposes lower limits). If your plan allows Roth 401(k) contributions, you can split your contribution between pre-tax and 罗斯贡献 any way you wish.

Keep in mind that if you also contribute to another employer’s 401(k), 403(b), 简单的, 或SAR-SEP计划, your total contributions to all of these plans — both pre-tax and Roth — can’t exceed $19,500 in 2020 ($26,000 if you’re age 50 or older). It’s up to you to make sure you don’t exceed these limits if you contribute to plans of more than one employer.

我什么时候可以捐款?

While a 401(k) plan can make you wait up to a year to participate, many plans let you begin contributing with your first paycheck. Some plans also provide for automatic enrollment. If you’ve been automatically enrolled, make sure to check that your default contribution rate and investments are appropriate for your circumstances.

Can I also contribute to an IRA?

是的. Your participation in a 401(k) plan has no impact on your ability to contribute to an IRA (Roth or traditional). 你最多可以捐6美元,到2020年存入个人退休账户(7美元),000 if you’re age 50 or older) if you have at least that much in earned income. Your ability to make deductible contributions to a traditional IRA may be limited if you participate in a 401(k) plan, depending on your salary level.

What are the income tax consequences of contributing to a 401(k) plan?

When you make pre-tax 401(k) contributions, you don’t pay current 所得税 在这些美元上. But your contributions and investment earnings are fully taxable when you receive a distribution from the plan. 与此形成鲜明对比的是, Roth 401(k) contributions are subject to 所得税 upfront, but qualified distributions of your contributions and earnings are entirely free from federal income tax. A distribution is qualified if it meets the following requirements:

• It is made after the end of a five-year waiting period
• It is made after you turn 59½, become disabled, or die

The five-year waiting period for qualified distributions starts on January 1 of the year you make your first Roth contribution to the 401(k) plan. 例如, if you make your first Roth contribution to your employer’s 401(k) plan in December 2020, your five-year waiting period begins January 1, 2020, 并于12月31日结束, 2024.

Withdrawals from pre-tax accounts prior to age 59½ and non-qualified withdrawals from Roth accounts will be subject to regular 所得税 and a 10% penalty tax unless an exception applies. 由于 Coronavirus Aid, Relief, and Economic Security (CARES) Act, penalty-free withdrawals of up to $100,000 may be allowed in 2020 for qualified individuals affected by 新型冠状病毒肺炎. Individuals will be able to spread the associated income over three years for income tax purposes and will have up to three years to reinvest withdrawn amounts.

What about employer contributions?

Employers don’t have to contribute to 401 (k)计划, but many will match all or part of your contributions. Your employer can match your 罗斯贡献, your 税前贡献, or both. But your employer’s contributions are always made on a pre-tax basis, even if they match your 罗斯贡献. 这是, your employer’s contributions, and investment earnings on those contributions, are always taxable to you when you receive a distribution from the plan.

Try to contribute as much as necessary to get the maximum matching contribution from your employer. This is essentially free money that can help you pursue your retirement goals.

Should I make pre-tax or 罗斯贡献 (if allowed)?

If you think you’ll be in a higher tax bracket when you retire, Roth 401(k) contributions may be more appealing, 由于未来的撤资, 假设他们是合格的, 一般会免税吗. 然而, if you think you’ll be in a lower tax bracket when you retire, pre-tax 401(k) contributions may be more appropriate because your contributions reduce your taxable income now. Your investment horizon and projected investment results are also important factors.

What happens when I terminate employment?

When you terminate employment, you generally forfeit all contributions that haven’t vested. (特别保护权 means that you own the contributions.) Your contributions and the earnings on them are always 100% vested. But your 401(k) plan may require up to six years of service before you fully vest in employer matching contributions and associated earnings (although some plans have a much faster vesting schedule).

When you terminate employment, you can generally leave your money in your 401(k) plan, although some plans require that you withdraw your funds once you reach the plan’s normal retirement age (typically age 65). Your plan may also “cash you out” if your vested balance is $5,000或以下, but if your payment is more than $1,000, the plan generally must roll your funds into an IRA established on your behalf, unless you elect to receive your payment in cash. [这1美元,000 limit is determined separately for your Roth 401(k) account and the rest of your funds in the 401(k) plan.]

You can also roll all or part of your Roth 401(k) dollars over to a Roth IRA, and your non-Roth dollars to a traditional IRA. You may also be able to convert your non-Roth dollars to a Roth IRA, but 所得税 will apply to any tax-deferred amounts in the year of conversion. You may also be able to roll your funds into another employer’s plan that accepts rollovers.

最后, you may also be able to take a cash distribution of your contributions and earnings, as well as any vested employer amounts. 然而, keep in mind that any tax-deferred funds will be subject to 所得税 and a possible 10% penalty tax if you’re under the age of 59½ and an exception does not apply. (如上所述), an exception to the penalty tax may be allowed in 2020 for qualified participants affected by the coronavirus for distributions up to $100,000.)

注意: 当考虑翻转时, to either an IRA or to another employer’s retirement plan, you should consider carefully the investment options, 费用及开支, 服务, ability to make penalty-free withdrawals, degree of creditor protection, and distribution requirements associated with each option.

我还需要知道什么?

• 如果你的计划允许贷款, you may be eligible to borrow up to one half of your vested 401(k) account (to a maximum of $50,如果你需要钱的话. 由于《全国最大的快3平台》, 贷款高达100元,000 or 100% of your vested account balance may be allowed between March 27, 2020, 及九月二十二日, 2020.
• You may also be able to make a hardship withdrawal if you have an immediate and heavy financial need. But this should be a last resort — hardship distributions are generally taxable to you.
• Distributions from your plan before you turn 59½ (55 in some cases) may be subject to a 10% early distribution penalty unless an exception applies.
• You may be eligible for an income tax credit of up to $1,000 for amounts you contribute, 取决于你的收入.
• Your assets are generally fully protected in the event of your, or your employer’s, bankruptcy.
• Most 401 (k)计划 let you direct the investment of your account. Your employer provides a menu of investment options (for example, a family of mutual funds). But it’s your responsibility to choose the investments most suitable for your retirement objectives.

Once you’re comfortable 了解401 k plans, come back to learn the basics of 403 (b)的计划 and the unique planning opportunities they present.

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