Gold Nisab | Silver Nisab | Mahr Fatimi |
---|---|---|
$5723.16 | $496.32 | $1240.8 |
Results of istikhara dream
Umrah
Talaq
Using Interest from Savings Account...
Halal Meat
Allegations while taking Khula
بلنگ
Zabiha halal restaurants in Makkah &...
Costco Halal Beef
Khula without husband's consent
Assalam O Allikum,
I hope this letter finds you in the best of health and iman.
My question is on the zakat for 401k plan.
Assuming I have $100000 in my 401k plan and I am 50 years old.
So, this amount is over nisab but i have resticted access to these funds till I am 60 years old.
Restricted access meaning that if i try to use these funds via withdrawl, i will play penalty and taxes.
How do i calcaulate zakat on this amount ($100000)?
Shall i deduct penalty and taxes for calculating zakat? or pay zakat on $100000.
Wassalam,
M. Ahsan
بسم اللہ الرحمن الرحیم
الجواب وباللہ التوفیق
In this case, unless you are taxed or fined, Zakat will be obligatory on the full amount in your account.
When taxes or fines become applicable upon you, we suggest asking again at that instant.
فقط واللہ اعلم بالصواب