Which of the following statements is true regarding a 401(k) account?

The correct statement regarding a 401(k) account is that it allows contributions to be made before or after taxes. Specifically, traditional 401(k) plans enable employees to contribute pre-tax dollars, which reduces their taxable income in the year contributions are made. This means the individual does not pay income taxes on that money until it is withdrawn, typically during retirement. Conversely, there are also Roth 401(k) options where contributions are made with after-tax dollars. This allows individuals to withdraw funds tax-free during retirement, provided certain conditions are met.

This flexibility in the type of contributions is a key feature of 401(k) plans, as they cater to different financial strategies based on an individual's tax situation and retirement goals.

In contrast, other options presented do not accurately describe the nature of a 401(k) account. For example, it's not exclusive to self-employed individuals, it's not mandatory for all employers to offer these plans, and employer contributions are a common feature of many 401(k) plans, where companies often match employee contributions up to a certain percentage.