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State of Maryland Participation Agreement for Pretax and Roth Retirement Savings AccountsDC4531 (12/2016)For help, please call 8009666355marylanddc.com1Things to Remember Complete all the sections
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How to fill out for pre-tax and roth

01
To fill out for pre-tax:
02
Determine your pre-tax contribution limit based on your income and age.
03
Fill out the necessary paperwork provided by your employer or financial institution.
04
Specify the amount you wish to contribute from your pre-tax income.
05
Submit the completed paperwork to your employer or financial institution.
06
To fill out for Roth:
07
Ensure that you meet the income eligibility requirements for contributing to a Roth account.
08
Fill out the required forms provided by your employer or financial institution.
09
Specify the amount you want to contribute from your after-tax income.
10
Submit the completed paperwork to your employer or financial institution.

Who needs for pre-tax and roth?

01
Pre-tax contributions are beneficial for individuals who want to reduce their taxable income and contribute towards retirement savings.
02
Roth contributions are suitable for individuals who expect to be in a higher tax bracket during retirement and want tax-free withdrawals.
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Pre-tax contributions are made before taxes are taken out of your paycheck, while Roth contributions are made after taxes have been deducted.
Employees who have access to employer-sponsored retirement plans that offer pre-tax and/or Roth contributions are required to file for these options.
To make contributions to pre-tax and Roth retirement accounts, employees can typically elect a specific percentage or dollar amount to be deducted from their paychecks and deposited into the designated account.
The purpose of pre-tax and Roth contributions is to save for retirement in a tax-advantaged way, either by reducing taxable income now (pre-tax) or by allowing for tax-free withdrawals in retirement (Roth).
Employees must report the amount of their pre-tax and Roth contributions on their annual tax return, as well as any investment gains or losses within the account.
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