You'll need to sign in or create an account to connect with an expert.
Yes, it does. It means that your 401K contributions will not be taxed as wages, which - as a result- lowers your taxable income, which ultimately lowers your federal tax on your tax return.
Yes, it does. It means that your 401K contributions will not be taxed as wages, which - as a result- lowers your taxable income, which ultimately lowers your federal tax on your tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
hartski1
New Member
honeybadgerm
Returning Member
annmarriott1
Returning Member
lgnahn
New Member
jmartsolftan-gma
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.