WHAT CLASSIFICATION DOES MY 401K fall under?

WHAT CLASSIFICATION DOES MY 401K fall under?
pension funds, annuities, noneducation IRAs, Keogh plans, etc.); or value of prepaid tuition plans? i am filing out my fafsa and i don't know how to classify my 401k in the net worth of investments section.

For tax purposes a 401K is very much like a traditional IRA. The main difference between the two is the limits and how it gets funded. So basically it is a retirement investment account. You pay no tax on the money as you put it in, you pay no tax on any profits you make from your investments as you get them. You pay tax when you retire and start taking money out. At that time you pay whatever your tax rate is for everything you take out no matter if the money came from what you put in or from the increase in value from the investment.

By the way to show the close relationship between an IRA and a 401K. When you leave quit a job you have a choice of keeping your 401K where it is, to roll it over to the new employers 401K plan or to roll it over into a traditional IRA (with no penalties). Rolling it into an IRA is a good idea because an IRA give you more choices on where to invest your money then the 401K will, which has a limited set of investment choices.

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