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Are 401(k) Withdrawals tax deductible?

The tax rate for your 401 (k) distributions will depend on which federal tax bracket you are in at the time of withdrawal. You have to pay taxes on the money you withdraw because you didn’t pay income taxes on it when you contributed (put money into the account). Here are some important reminders when it comes to 401 (k) withdrawal rules:

When can I withdraw money from my 401(k)?

You can begin withdrawing money from your traditional 401 (k) without penalty when you turn 59 ½ — but you still have to pay taxes on the withdrawal because you didn't pay income taxes on it back when you put it in the account.

How much money can I withdraw from my 401(k)?

Specifically, you can withdraw up to $1,000 from your qualified plan (e.g., 401 (k), 403 (b), 457 (b)) or IRA (including SEP, Simple IRA) once each calendar year without penalty. You will still have to pay ordinary income taxes on the withdrawal.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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