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| Roth 401(k) | Pre-Tax 401(k) | |
| Contributions | Designated Roth employee elective contributions are made with after-tax dollars |
Traditional, pre-tax employee elective contributions are made with before-tax dollars |
| Income Limits | No income limit to participate |
No income limit to participate |
| Maximum Elective Contribution2 | Aggregate employee elective contributions limited to $22,500 in 2023, plus an additional $7,500 for employees age 50 or older3 |
Same aggregate limit as Roth 401(k) |
| Taxation of Withdrawals | Withdrawals of contributions and earnings aren’t taxed if it’s a qualified distribution, i.e., the account is held for at least 5 years and the distribution is made due to:
|
Withdrawals of contributions and earnings are subject to federal and most state income taxes |
| Required Minimum Distributions | No requirement to start taking distributions while owner is alive, starting January 1, 2024 |
Distributions must begin no later than age 73 starting January 1, 2023, increasing to age 75 beginning on January 1, 2033 |
Your financial professional can help you understand which account or combination of accounts is right for you.
Source: IRS, Roth Comparison Chart, last reviewed on 8/08/2023.
1Please check with your plan administrator for plan options.
2This limitation is by individual, rather than by plan. You can split your annual elective deferrals between designated Roth contributions and traditional pre-tax contributions, but your combined contributions can’t exceed the deferral limit: $22,500 in 2023 ($30,000 in 2023 if you’re eligible for catch-up contributions).
3After December 31, 2025, those earning $145,000 in FICA wages for the previous year must direct their catch-up contributions to a Roth account.
The views expressed here should not be construed as investment advice. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting, or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Hartford Funds.
Hartford Funds Distributors, LLC, Member FINRA
MFDC067 3074971