Assalamu alaikum respected Mufti. I am asking a question about paying zakat. I am a woman who has to work for necessary reasons. When I was first hired 9 years ago I enrolled to have a percentage of my pay into a 401k account. I only did this for a couple years. The total money in this account is about $6000 and I no longer contibute to this account. I do not have any access to this money until I turn of a certain age or I leave the company. I do not have any other saviings account not do I own gold or jewelry. After I am paid weekly most of my pay check goes to house hold needs like groceries, bills, loans, etc and most of the time there is not any money remaining. My question is am I obliged to pay zakat on the money in my 401k. And if so could I consider the money that I pay every week towards my family as zakat? JazakAllah Khair
The money in your 401K account is not yours until you have a possession of it. Once you have full control over that money then you will have to pay Zakat.
And Allah knows best.
Mufti Ikram ul Haq
Fatwa Center of America