this post was submitted on 18 Oct 2023
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It is a retirement savings plan that most employers offer. You put money in it from your pay period into it, and it is taken out pre-tax, as in your taxes are calculated from your pay during that period after the retirement deduction is taken out (other things are pre-tax also, but 401k is one of them)
Filing taxes still isn't free then, if filing for something basic as pension isn't.
It’s still free, just not through turbo tax.
Filing taxes is always free. But for some people, it can be more complicated than they are comfortable doing. If all you have is a W-2 job with an HSA and a 401(k), your taxes are so straightforward you could do them yourself very easily in 10 minutes using the irs.gov ffff site.
Oh, but then there is the issue of state taxes which most states have. I can’t speak to all 50 states, but I do know if you live in a state with no income tax there’s literally nothing to file.