@jeffw@lemmy.world to politics @lemmy.world • 1 year ago‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.commessage-square21fedilinkarrow-up1154arrow-down14cross-posted to: news@lemmy.world
arrow-up1150arrow-down1external-link‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.com@jeffw@lemmy.world to politics @lemmy.world • 1 year agomessage-square21fedilinkcross-posted to: news@lemmy.world
minus-square@die444die@lemmy.worldlinkfedilinkEnglish1•1 year ago23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
minus-square@jeffw@lemmy.worldOPlinkfedilink2•1 year agoIn a 401k? Yes. But if you read the article: Today, wealthy taxpayers can protect up to $452,500 per year in tax-advantaged accounts in a single year, saving up to $203,600 on their taxes. And they can keep their money in tax-advantaged accounts far longer. There are many types of tax-advantaged accounts. https://www.investopedia.com/terms/t/tax-advantaged.asp
minus-squareBeautifulMind ♾️linkfedilinkEnglish1•1 year ago 23k is the max annual contribution If you’re over 50, you can put $30,500 in your 401k, the extra $7500 per year is called a ‘catch-up contribution’
23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
In a 401k? Yes. But if you read the article:
There are many types of tax-advantaged accounts.
https://www.investopedia.com/terms/t/tax-advantaged.asp
If you’re over 50, you can put $30,500 in your 401k, the extra $7500 per year is called a ‘catch-up contribution’