TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Tax payment

2 replies
11 views

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

Not A Product Question

Level 15

Either or both your choice.

Level 15

@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)