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Get your taxes done using TurboTax
Did you increase your 401k contribution? Contributions to a traditional 401(k) are deducted from your paycheck before federal income taxes are withheld. Pre-tax contribution lowers your total taxable income which means you might owe less in income taxes.
Also, if you made Traditional IRA contribution it might have lowered your taxable income. Traditional IRAs are usually pre-tax contributions, meaning your contributions are placed in your IRA before being taxed, lowering your taxable income for the current tax year.
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‎April 4, 2023
7:24 AM