topic How do I lower my taxable income? in Get your taxes done using TurboTax

How do I lower my taxable income?

lisahua46 — Wed, 11 Feb 2026 04:13:21 GMT

I have already save to 401K limit and HSA limit,

How can I maximize child care credit or any other credits to lower taxable income?

Will ESPP or other investments help? Roth/Traditional IRA etc? Open a child 529 account?

Re: How do I lower my taxable income?

RobertB4444 — Wed, 07 Feb 2024 17:38:37 GMT

You can contribute to a traditional IRA in order to lower taxable income. Although if your income is too high you aren't allowed to do that.

Credits don't lower taxable income, they lower the tax bill.

Your best bet to lower taxable income is to discuss how you are paid with your employer. There are plenty of methods of receiving payments that are tax deferred that reduce taxable income (at least in the short term).

@lisahua46

Re: How do I lower my taxable income?

Mike9241 — Wed, 28 Feb 2024 06:11:35 GMT

if you have significant other income like from investments, then your best option in my opinion is to pay to consult with a certified financial planner who can see the whole picture. In some situations just dealing with employer to lower taxable compensation may be counterproductive because of your particular tax situation