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Retirement tax questions
No - IRA plans and 401k plans are different kinds of retirement plans.
A principal distinction between them is that 401k plans are offered by many employers to their employees, which allow employees to contribute their pre-taxed dollars for retirement; whereas IRAs are self-directed accounts that you directly contribute towards and they are basically classified based on how your money will be taxed – traditional IRAs are taxed when you withdraw from it (during retirement) and Roth IRAs are taxed when you put money in.
Here is a TurboTax blog which provides a good comparison between an IRA plans and a 401k plans:
June 6, 2019
3:33 AM