- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Your question doesn't make sense as written.
If you are owing $1000 on your tax return and want to break even, then you need to reduce the tax owed or increase the withholding.
But, to save $1000 on taxes, you need to contribute $4000 or more to a 401(k) plan, not $1000. And if you don't change your W-4 allowances, then your withholding will also go down (because you will have less taxable income so less tax will be deducted.) (On the plus side, you would have a nice big retirement account!)
It sounds like you need to claim one fewer allowance than you are now.
May 31, 2019
5:52 PM