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beng4health
New Member

I had to pay $3700 on taxes for 2016. Should I put additional amount to be withheld from each paycheck or increase my 401 K for tax breaks

 
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WillK
Level 9

I had to pay $3700 on taxes for 2016. Should I put additional amount to be withheld from each paycheck or increase my 401 K for tax breaks

I would start by increasing the withholding from your paychecks. Your HR department can get you the forms you need to do that. 

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fanfare
Level 15

I had to pay $3700 on taxes for 2016. Should I put additional amount to be withheld from each paycheck or increase my 401 K for tax breaks

You can give extra money to US Treasury.
Or you can give extra money to yourself for retirement.
Tough choice.
But if you are already at the contribution limit for your 401k  #2 may not be an option.
WillK
Level 9

I had to pay $3700 on taxes for 2016. Should I put additional amount to be withheld from each paycheck or increase my 401 K for tax breaks

I would start by increasing the withholding from your paychecks. Your HR department can get you the forms you need to do that. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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