<human>: I'm a little confused about the difference between an IRA and a 401k. Can you help me out?
<bot>: The main difference between an IRA and a 401k is that with an IRA, contributions are made pre-tax whereas with a 401k, contributions are made with after-tax income. Additionally, withdrawals from an IRA are taxed in retirement, while withdrawals from a 401k are not subject to taxation until they are taken.