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In order to not pay $7000 in taxes next year, how much would I need to put into 401K monthly?

 
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2 Replies
JohnB5677
Expert Alumni

In order to not pay $7000 in taxes next year, how much would I need to put into 401K monthly?

Please clarify your question.

Unfortunately, we can't see your screen to see where you are, so I'll have to ask you a couple of questions.

Calculating 401-K withholdings is not within the scope for TurboTax, but these are factors to consider.

 

  • Is $7,000 your total tax, or is it the amount that you currently owe from your tax return?
  • What income range are you in?
  • What is your tax bracket?
  • What is your filling status?
  • Do you have any tax credits?

These are all factors that contribute to the question you asked.

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In order to not pay $7000 in taxes next year, how much would I need to put into 401K monthly?

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

_________________________

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.*

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