Re: Zakat Question
Captain1:
Answer to question 1: The zakat is on the amount that has survived one year in your account, which means the minimum balance during the year.
Answer to question 2: It is a tricky question, the reason is that you are not owner of FULL amount (unless you are eligible to withdraw all without any penalty/extra-tax). The way I have been doing is that calculate the approximate amount that I will get if I were to withdraw all of my 401(k) (caluclate using the minimum of 401k amount in the last year) and minus the approximate taxes I’d have to pay. Whatever you or employer contributed is YOURS (depends on “Vesting”).
Thanks Captain. My personel opinion is like yours. Sounds logical. Lets hear back from others.
