turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Extra withholding

I claim zero and pay every year. Is it worth it to add extra withholding or put this extra money in TSP account. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
kcumberland
Employee Tax Expert

Extra withholding

The Thrift Savings Plan (TSP) is a great way to save for your retirement while reducing your Federal Taxable income.  Your contributions are pre-taxed, which means the more money you put into the savings, the more you can reduce the income that is taxable. 

However, you should also review your W4 to ensure that you are withholding the correct amount, as your withholding will change, also. The W4 Calculator is a great way to determine if your current W4 is correct. Then look at your TSP to determine how contributing will change your taxable income.

 

https://turbotax.intuit.com/tax-tools/calculators/w4/

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies