2019 401k Questions
Reviving this old thread for 2019.
Can someone explain to me the tax treatment for the defined contribution plan/B Fund/401(k)? The 2019 limit for a 401(k) is $19,000/yr and obviously most airline pilots will easily eclipse this. My main three questions are this:
1) What is the proper term for the account where these automatically contributed retirement funds go?
2) Is the account tax-sheltered like a 401(k) or considered after-tax?
3) If the account is a 401(k), can it all be treated as pre-tax money even if it exceeds the $19K annual limit set by the IRS?