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While a pension is a defined benefit retirement plan, a 401(k) is a defined contribution retirement plan. Its certainty lies in what goes into the account -- such as when you contribute 5% or 10% of your salary each pay period -- with the ultimate financial benefit you'll receive being relatively uncertain. A 401(k)...
While a pension is a defined benefit retirement plan, a 401(k) is a defined contribution retirement plan. Its certainty lies in what goes into the account -- such as when you contribute 5% or 10% of your salary each pay period -- with the ultimate financial benefit you'll receive being relatively uncertain. A 401(k)...
Your 401 (k) is a qualified retirement plan. However, your contributions are already reported on your form W-2 in box 12 code D. You do not report them again in TurboTax. You answer Yes to this question only if you contributed to another plan, such as a Traditional IRA or Roth IRA. June 4, 2019 11:51 AM
Many employers offer a 401 (k) retirement plan to employees as part of their benefits package. The plan allows both the employee and employer to get a tax deduction when they put money into the employee's 401 (k) retirement account. To offer a 401 (k), your employer must follow certain rules.