Roth 401(k)

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Apr17

Linda Chan

Know More: Taxes 2.0, Taxes

Roth 401(k) deferrals were authorized under the Economic Growth and Tax Relief Reconciliation Act (EGTRRA).

Beginning January 1, 2006, employers have been able to offer 401(k) plans that allow participants to contribute after-tax salary deferrals, referred to as Roth 401(k) deferrals, and to receive a distribution of these deferrals, plus earnings, on a tax-free basis.

Roth 401(k) accounts are similar to Roth IRAs, but unlike Roth IRAs, there are no compensation restrictions as to who is eligible. Any participant in a 401(k) plan that offers a Roth 401(k) election who is eligible to make pre-tax 401(k) deferrals may choose to make Roth 401(k) deferrals.

In order to be treated as Roth 401(k) deferrals: (1) the contributions must be designated as Roth 401(k) deferrals at the time they are made; (2) the employer must treat the contributions as includible in the participant's gross income; and (3) the 401(k) plan must maintain a separate account for the Roth 401(k) contributions and earnings.

related entries

IRS Safe Harbor Nov 17, 2007
Incentive Stock Options Limit Oct 31, 2007
Section 409A Transition Relief Oct 27, 2007
IRA Accounts Sep 29, 2007
September 2007 Section 409A Update Sep 28, 2007

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