Gold Nisab | Silver Nisab | Mahr Fatimi |
---|---|---|
$5083.59 | $398.87 | $997.17 |
Opening a grocery store ( will be...
Marriage Argument
Restoring natural color of hair and...
Zakat on 401K
Zakaat on gold - No Income
Dream about my father
Misunderstood the question please re...
Dua for job
Insurance as Business
Is My Qulla JaYaz ?
Thank you for your time.
JazakAllah Ho Khairan.
الجواب وبالله التوفيق
1- It is mandatory for you to pay Zakat on the money saved in your 401K. This Zakat will be paid only on the money you are contributing towards the total. The Zakat on the rest of the money contributed by your employer will be paid once that portion is in your actual possession.
2- The Zakat will be paid on all the money, the condition for elapsing one whole year is only for the very first time one is becoming liable to discharge their Zakat. Once the whole year elapsed and Zakat became mandatory on you, you will have to include the rest of the money as well to pay Zakat on the total. The method you have adopted to calculate Zakat is incorrect.
واللہ اعلم بالصواب