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Withdrawals are taxed, not profits. See the link in the preamble. Understanding the withdrawals instead to be an allocation of principal between the account's two owners allows for, and explains why, everyone gets a benefit from permanently sheltering profits from tax. Obviously they could not get
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KiwiSaver isn't a tax deferred arrangement (it has no tax offset or effect on your net income). The statement in paragraph two of Other
Countries implies that KiwiSaver is an equivalent scheme to a 401(k) (noting that the UK and Australia do have similar, albeit not identical, schemes). Happy to
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Upon withdrawal all 401K gains are taxed as normal income (short term gains tax treatment), excepting for a special provision called NUA which allows favorable tax treatment (lower long term gains tax rates) for certain company stock gains, subject to the NUA rules.
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Fiduciary responsibility; Break up the details and technical details sections into topical sections. Possibly (A)Contributions; (B)Administration (the plan document, testing, safe harbors, QNEC, etc); (C)Separate accounts, exclusive benefit; (D) Describe top-heavy 401(k)
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Fix the withdrawal of funds section. Need to consider after tax contributions, pre-1972, 1986-whatever contributions, and the language on the penalty and exceptions needs to be consistent. It's a little contradictory from the first to second
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I am thinking the original author is probably trying to say, compared to mutual funds which often have annual capital gains distributions with tax liability, 401K allows savings to accumulate tax-deferred until withdrawal.
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That seems to be misleading. All profits in a 401k are subject to normal income taxes upon withdrawal, excepting possibly for a special provision called NUA for company stock inside a 401K.
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Under the heading
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I think it's accurate in that the gains themselves are not taxed while in the fund. Withdrawal is another issue, one that that sentence is not addressing.
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discuss, but I'm going to remove the NZ reference unless there is a specific point to it being a comparison (that NZ does not have an equivalent).
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So the first sentence should say: "Income taxes on pre-tax contributions and investment earnings in the form of interest and dividends
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Distribution discussion to cover RMD's for inherited plans, Briefly cover profit sharing provisions.
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Hanging sentence: "...these contributions are made on an after-tax basis and all earnings."
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starts from the 400 billion dollar medical expenses, and the one man that started it.
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