Let’s look at the issues at hand above based on the two questions presented:
How much Zakat is paid on business partnerships and investments?
Is my retirement account (such as 401k, IRA, or similar) liable for Zakat?
Who has to pay Zakat?
Zakat is due on the wealth of any Muslim, young or old, male or female, that is held in savings for one calendar year and is more than the Nisab.
You may not have a 401k plan or an IRA, but instead a more traditional pension. If this is the case, you are not alone, and like many other people are asking yourself:
Do I have to pay Zakat on my pension or retirement plans?
Retirement funds and similar are something many people ask about it.
Let’s look at the issues at hand above based on the two questions presented
How much Zakat is paid on business partnerships and investments?
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