Understanding the Tax Implications of Traditional IRA and 401(k) Plans
Traditional Individual Retirement Account (IRA) and 401(k) plans are essential tools for retirement savings, each offering unique tax advantages and rules that taxpayers should understand. Contribution Limits For the year 2024, employees can contribute up to $23,000 annually to a traditional or safe harbor 401(k) plan, with an additional catch-up contribution of $7,500 allowed [...]