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Question

Do I have to pay taxes on retirement income?

Forum|Forum|11 months ago
April 13, 2025
1 reply
0 views

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It depends- in many yes, retirement income through an employer plan is deferred compensation meaning you worked for it but it is not taxed until after you retire. Traditional IRAs are also tax deferred- you get a reduction in income when you contribute it to the plan, then pay the taxes on it later when you retire and take the money out. Roth IRAs and Roth 401ks are not taxed deferred, so you do not pay tax on the distributions if you are qualified.