Is 414H the same as 401k?
A 414(h) plan isn’t that different from a 401(k) or other employer-sponsored plan in terms of how withdrawals are treated for tax purposes. The key difference is in the categorization of contributions. Both employees and employers make contributions to the plan.
What does 414H mean on w2?
This is the number of funds that were contributed to the retirement plan. The 414(h) funds are not taxable. This means that they are removed from the paycheck and placed in the special retirement savings account prior to taxes being assessed.
