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Zakat-- Do we need to give Zakat for retirement funds? | Register To Post |
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»  Zakat-- Do we need to give Zakat for retirement funds? |
sumon | 2008/9/10 14:14 |
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| sumon | Posted on: 2008/9/10 14:14 |
Just popping in   Joined: 2008/9/10 From: Posts: 1 |
Zakat-- Do we need to give Zakat for retirement funds? Assalamu Aalikum,
Ramadan Mubarak. I hope everybody is doing great by the grace of Allah. I have a question for you guys. if you know the answer, please help. I have a 401k retirement account. Those who are not fimilar with 401k is, let me breifely explan to you. Anyone working for an eligible company can contribute upto 15000 dollar a year to their retirement plan known as 401k. You are not allowed to take the money out untill you are 65 or older. If you take anytime before that, you need to pay 10% panalty and taxes on that money. So my question is "Do I need to pay Jakat" on that money? If so, then on what amount? Thank you for your help. Allah hafez. Abdus Salam Talukder USA |
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