turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Didi66
New Member

Tax payment

To reduce my tax payment, should I increase my withholding for my 401K or change my W-4?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Tax payment

Either or both your choice. 

Tax payment

@Didi66 however, if you adjust your W-4, then each dollar withheld for federal will reduce what you owe on April 15th by the same dollar,

 

but if you contribute more to your 401(k), then each dollar contributed will only reduce what you owe on April 15th by your marginal tax rate (probabably 12 cents to 22 cents for each dollar contributed)

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies