Explain the differences in how a 401k, a Roth IRA, and a traditional IRA are taxed.(1 point) Responses A 401k allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA is taxed when the money is withdrawn. A 401k allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is deposited; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is deposited; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is deposited.

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A 401k allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn. A Roth IRA is funded with after-tax dollars, so the money is taxed when it is deposited, but withdrawals in retirement are tax-free. A traditional IRA allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn.

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Explain the differences in how a 401k, a Roth IRA, and a traditional IRA are taxed.(1 point) Responses A 401k allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA is taxed when the money is withdrawn. A 401k allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is deposited; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is deposited; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA is taxed when the money is deposited; and a traditional IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn. A 401k is taxed when the money is withdrawn; a Roth IRA allows tax deductions when the money is deposited and then the money is taxed when it is withdrawn; and a traditional IRA is taxed when the money is deposited.

1 answer

A 401k allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn. A Roth IRA is funded with after-tax dollars, so the money is taxed when it is deposited, but withdrawals in retirement are tax-free. A traditional IRA allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn.

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GPT 3.5 · Answer

A 401k allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn. A Roth IRA is funded with after-tax dollars, so the money is taxed when it is deposited, but withdrawals in retirement are tax-free. A traditional IRA allows tax deductions when the money is deposited, and the money is taxed when it is withdrawn.