Hi all.
I recently talked to a co-worker who tried to explain the idea of contributing to my 401k in order to reduce my taxable income and offset my taxes to the Feds.
I am curious how this works and also, I cannot seem to find anybody who can tell me what I need to contribute in order to offset my taxes and also, I am curious if upping my deductions will make it so that I don't see any Fed taxes coming out of my paycheck (I'd rather see it all going to my 401k even if the stock market is imploding)
I have tried finding tax calculators and asking around (including on turbo tax's chat help) and nobody has been able to help me. I'm not looking for "tax advice" but if someone is able to formulate the amounts that I need to contribute and what I need to put into my deductions on my W4, that would be awesome.
Just for the ease of formulating, I'm salaried at 105,000
I currently have $16,850 put into my deductions box on box 4(b)
my 401k pre tax contributions are set at 7% with an employer match up to 6%
Any help would be great. I know nothing about this stuff (obviously)
