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2happybirds-msn-
New Member

Why does increasing my 401K contributions NOT decrease my tax liability????

I have done my taxes 3 ways, with changing my 401K contributions considerably for each instance.  Each scenario has NOT changed my tax liability!
2 Replies
VolvoGirl
Level 15

Why does increasing my 401K contributions NOT decrease my tax liability????

How are you changing the 401K contributions?  You need to also reduce the gross wages in W2 box 1.  Or are you asking about self employed 401K?

DoninGA
Level 15

Why does increasing my 401K contributions NOT decrease my tax liability????

What type of 401(k)? 

Employer provided? 

Solo 401(k) when self-employed?

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