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Fact vs. fiction: William K.S. Wang of U.C. Hastings College of Law debunks nine myths surrounding the traditional and Roth 401(k) and individual retirement accounts. Four featured here include.

📌 Traditional and Roth contributions are completely different: Both are equivalent with a constant flat tax. A contribution to the Roth rather than the traditional gives you “more bang for the buck”; however, if the marginal tax rate at distribution is lower than at traditional/Roth contribution, the Roth contribution may be inferior to the traditional.

📌 The amount in your traditional 401(k)/IRA statement is all yours: You share ownership with the government; thus, periodic gains and losses could be less than you think.

📌 The “tax” on a traditional 401(k)/IRA distribution makes you worse off: The distribution is a partial liquidation of the joint venture, and the “tax” on RMD does not harm you, but it is a partial redemption of your tax-exempt “Roth” within the traditional. You can reverse the effect of RMD by using the after-“tax” proceeds of the distribution to pay the “tax” on a Roth conversion.

📌 You may convert only an IRA, not a 401(k): You can convert a traditional 401(k) in certain situations, such as a past employer 401(k) or the current employer 401(k) after age 59 ½, with employer permission and using "inside" or "outside" funds. However, using "inside" funds before age 59 ½ typically results in a tax code penalty.

There’s a Roth inside of your Traditional! Recognition of this could be a mental breakthrough to assist in helping you make the best financial decisions for your future.