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New Member
posted Sep 9, 2022 2:44:42 PM

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!

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2 Replies
Level 15
Sep 9, 2022 2:48:39 PM

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?

Level 15
Sep 9, 2022 2:51:53 PM

What type of 401(k)? 

Employer provided? 

Solo 401(k) when self-employed?