Retirement tax questions

I'll hazard a "simplistic" answer...and only for a traditional 401k, not a Roth 401k.

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IF your income for the year puts you entirely in the following ~tax brackets, you would have to put the following approx. amounts in over the full year of 2024 (total, not monthly) to eliminate ~$7,000 in Federal taxes.

Bracket       |       Amount int 401k (not exact)

10%                   ~70,000   (yeah, this is not possible)

24%                   ~29,200  (over the 23,000 max, unless age 50+)

32%                    ~21,800

35%                     ~20,000

 

But you get the idea.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*