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401K

A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.

SIMPLE 401(k) Plan

Definition A 401(k) plan  established by a small business owner for it’s employees. Earnings accrue on a tax-deferred basis and distributions are treated as ordinary

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Deduction

Definition Tax write-off which is allowed for contributions to traditional IRAs or employer sponsored plans. Individuals who are active participants are eligible to deduct their

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