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Level 1
June 1, 2019
Question

My 401K contribution is not affecting my return. Please help.

  • June 1, 2019
  • 1 reply
  • 1 view

I can remove it from my W2 form and add it back in but my money owed to the IRS does not change. The amount I owe is over what it should be based on a few hours of research. If my 401K was factoring in, I think it would be more realistic. Please help.

1 reply

June 1, 2019

Your 401k contribution through work has no effect on your tax return. It is noted by having less earnings in Box 1 than Boxes 3 and 5.