I am having to pay quite a bit of money every year. I already take 0 deductions. So my question is can I reduce what I owe by increasing my 401k contributions each month?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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RachelW33

Alumni - Expert

Yes, increasing your 401(k) contributions each month will reduce the taxes that you owe. Any money you defer to your Employer's 401(k) plan reduces your taxable income, which in turn reduces your tax liability.

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I am having to pay quite a bit of money every year. I already take 0 deductions. So my question is can I reduce what I owe by increasing my 401k contributions each month?

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