How can I re-run tax calculations with different Employer-Based Roth vs 401(k) contributions?

Forum|Forum|2 years ago
November 15, 2023
1 reply
7 views

I would like to re-calculate what my taxes would have been for 2022 based on different Employer-Based Roth vs 401(k) contributions.

ex:

$1000 Roth and $1000 401(k)

$0 Roth and $2000 401(k)

$2000 Roth and $0 401(k)

evelynm

Employee Tax Expert

Hello:

Tax Caster is a great tool to use - instead of adjusting your tax return - here is the link: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".

t_jones98Author

Level 2

Evelyn,

Thanks for the response. However, I am not seeing how to make those estimates within Tax Caster.

I did update the subject and post to state that the contributions are for an Employer-Based Roth IRA or 401(k)

evelynm

Employee Tax Expert

Hello - Roth is not tax deductible - so enter the amounts for your 401K contributions through your wages in the section below (see excerpt) from tax caster and it will recalculate your 2022 taxes accordingly:

Retirement

If you (or your spouse) contributed to a retirement plan or an IRA for 2022, provide details below.

Are you eligible to participate in a retirement plan at work?

Yes

Traditional IRA contributions (not 401(k))

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".