Roth 401(k) Contributions
Posted in the 401K Forum
#1 May 1, 2012
I was recently looking at my company's flyer for enrolling into their 401k. It says that roth contributions are taxed up front and when you withdrawal it it will be tax free. Then there is a disclaimer at the end saying "you may be subject to state and local taxes but it will be federally tax free". Does this mean you get taxed twice? Shouldnt they take federal, state, and local out when it is deducted from my paycheck? I live in PA and it is a voluntary state for state taxes. HELP!
#2 May 17, 2012
You should speak with a local tax professional for specific advice about your state. Each state's laws vary and are subject to constant change.
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