Any Pre-Tax Amount Elected by an Employee as a Contribution

question 77

True/False

Any pre-tax amount elected by an employee as a contribution to a § 401(k) plan that does not exceed the statutory limit is not includible in gross income in the year of deferral and is 100% vested.

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Definitions:

Individualism

The principle of being independent and self-reliant, often prioritizing personal goals over group objectives.

Independence

The state or quality of being self-reliant and not dependent on others for decision-making or support.

Imposter Phenomenon

The experience of feeling like a phony, a fraud, or a fake.

Unbiased Processing

The ability to see the good and the bad in the world and make decisions based on this information; part of authenticity.