{ "media_type": "text", "post_content": "Ended up owing $700 tax.. nothing much to file just w-2 numbers and that were it - used turboCurrently putting 6% to meet company match, would putting more into 401k avoid owing tax at the year-end?", "post_id": "5e41d3fd563d16002f664304", "reply_count": 6, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Ended up owing $700 tax.. nothing much to file just w-2 numbers and that were it - used turboCurrently putting 6% to meet company match, would putting more into 401k avoid owing tax at the year-end?

like
Posting as :
works at
You are currently posting as works at

Yes. If you contribute more to your 401k your taxable income would decrease. Keep in mind you're only deferring those taxes, not avoiding them. You will still pay taxes on this when you withdraw in retirement.

like

This is only for a Traditional 401k btw. Roth rules are different.

Owing at year-end means nothing. You can avoid that by simply having more withheld during the year. If you are asking if contributing more to your 401k would reduce your tax liability, then the answer is yes, but you coulda easily still owe even with stepped up contributions.

like

Interesting .... had no idea. Thank you.

like

Related Posts

How is your company’s health insurance. I recently left PwC and I thought the $300 a month for a family of 3 for the HD plan with $8,000 deductible was high. But at new firm I’m paying double that with a $10,000 deductible.

like

28 yoe - Is my 401k too heavy on total stock/s&p500 if I decide to change allocation to 50% VFIAX, 40% VTSAX and 10% International total mrkt? Currently my allocation is 50% S&P, 30% Total stock, 10% International and 10% Bonds. Realized bond is making almost no money so thinking of switching moving forward. Outside of 401K, I auto-invest $500 in S&P500 every week. Am I going too heavy on one index?😭

like

I want to start some new 🐠 bowls: 1. Imma ask about Roth vs Traditional 401k AGAIN 2. Who dat not wearing a face mask 3. Should contact an attorney but don’t wanna 4. Boomers that don’t use google What are your ideas for a new bowl? 😉

likefunny

Post-job, pre-MBA checklist? In terms of things like benefits, health insurance, moving points over, etc ... anything I should be aware of or take care of before leaving?

like

EY EY-Parthenon Considering an offer at EYP. What brokerages are approved under EY’s independence policies? I currently use Schwab Intelligent Portfolio as one of my accounts. Assume that will have to go. Who is the 401k provider?

like

I want to FIRE. IRA and 401k are beyond my definition of the ‘RE’ idea since they can only be withdrawn without penalty at 55. Is the only other way to save for retiring at 40-55 an individual brokerage account and just accept the tax upon withdrawal?

like

Anyone else hoping to retire at 35 after bitcoin blows up lol?

like

Hi 🙋🏼‍♀️ Accenture moms. Re healthcare benefits: did you select HDHP or PPO plan and why? I’ve been on the HDHP plan for the last few years, which has worked well as I almost never see a doctor, but we’re planning to get pregnant next year and I’m reevaluating my options. How many prenatal apts should I expect? Is PPO better for this? Anything you wish you had known about being pregnant with ACN health benefits?

like

Does EY 401k provides Brokeragelink feature from fidelity? If so how to start the process?

like
like

The greatest trick the devil ever pulled was giving his employees amazing benefits but not enough time to use them

like

I received a job offer today for an entry level position. I lack experience in this field and didn't tick off all the boxes in the job description. I completed 2 conversational interviews + 1 additional interview with a skills test. They were very impressed with my skills test and all the interviewers seemed to like me a lot. I think the offer they gave was fair with market price & it pays more than my current job + benefits. I've always been told to negotiate but should I in this case?

like

Thoughts on Hamilton’s behavior? Will he actually retire?

like

Current project is very chill and management likes me/gives good reviews but I’m not challenged and do not lead others. I’ve considered switching projects to go up early (SC year2). I am six weeks pregnant, first pregnancy at 33. The other reason I wonder about going up early is that I’m not sure I want to be going up during year3 after being out on maternity leave and life drastically changing. I started my professional career late so feel like I’m playing catch-up too, any advice? Thanks!

like

First world problems I know but did my budget and found out that after maxing retirement accounts, benefits, taxes, fixed expenses, and 1k a month towards cc debt (6k), I can spend/ save about 1k a month. Debating not maxing retirement to have some wiggle room but that'll just make me owe more tax :/

like

People who do compensation/employee benefits consulting, what’s something you were surprised to learn through your job?

like

I currently contribute 8% ($6.4k yearly) to 401k and max our HSA & ROTH IRA. After that + regular spending, I have about $1k per month that I invest in a standard brokerage account. Traditional advice says to max out 401k before standard brokerage, but I also want to save for a down payment on a house in 7-10ish years. Do you think this is a good approach, or would you recommend more/less to retirement? I plan on contributing more to 401k as my salary increases. I’m 23 now

likesmart

How is Coforge , got a good package. Need to know about job security and benefits it offers.

like

If I switch Big4 and go from audit to advisory would I be let go immediately or would I be able to do my 2 weeks notice? Plan is to have the 2 weeks end right after filing but don’t want to risk losing health insurance for the month lapse

like

Former EY employee here. Joined EY in 2014 and left in 2018 as a senior 3. I believe I was vested in the pension. Just wondering if there’s a way to find out and does EY still offer pension buyout?

like

Additional Posts

Newbie question… Am I allowed to bill for reading internal emails about a matter? As the only first year on most of my matters I’m just cc’d on a ton of emails with the more senior folks strategizing. I read them all so that I don’t look dumb if asked to do something. But will the client pay for my time just reading emails? If so, what’s the best way to phrase this?

like

Any good books recommendation on effective client communication/business writing?

like

Any thoughts on the best age to start piano lessons for kids??

like

I’m interviewing for a Data Science Associate role at a mid size fin tech right now. Afraid to make the jump as I’m only a few months into first strategy job. Feel like I’ll be around more high achievers in consulting, but if in the end everyone (an exaggeration) is trying to funnel into product management, should I jump ahead of the curve?

like

Decent profile and 80k pay at a big 4 or shitty profile and 140k pay in the industry? In either cases getting no where!!!

like

Hiring senior backend developers with 5-15yrs experience in c#, .net,data structures, algorithms @Mediakind

like

What is average raise for a senior in Mid West area during a non promotion year. If you can specify senior 1, 2 or 3 along with percent raise that would helpful.

like

Does anyone have experience interviewing at Tesla? Any tips?

like

What’s the best new bank account and credit card promotion going on? Want to open each

like

Any suggestions on science or social studies curriculum to use in a self-contained (setting 4) EBD classroom?

I am 29 make 180k, have 55k in my retirement (maxing it out now, but was not always able to), and have 100k in my brokerage (put $1,500 per month and my whole bonus in quarterly). so far I have been fine with the market volatility but i find i am really bad at knowing when to sell. i have seen a lot of my stocks up 50+% and i just hold on to them but now those stocks are down a lot and i am down overall now. i have just been buying companies i like but should i look to an advisor to manage now?

likefunny

What to do if you were hired onto a project that is just not a good fit for you?

like

Salary for FIS Client Experience Analyst

like

I’m freelancing at an agency and there’s a chance I’ll have to WFH a few hours over the holidays. Would it be weird/rude to charge x1.5 or x2 my rate cause it’s normally time off?

What’s the general opinion about EY Tech consulting? In terms of Market presence, culture, people, leadership and capabilities against competitors?

like

Hey folks - any idea on Jefferies’ Tech group culture? I have a superday with them in the coming week.

like

Anyone interested in applying for Senior/lead Business Analyst position in the telecom domain (BSS/OSS), please DM me with your resume Experience: 5+ years Location: Gurgaon, Hyderabad, Bangalore, Pune

like

Applied to a position and realized the firm has the same position in a different team that I might be suited for a bit better… should I just apply to both or leave it be?

like

Places where tipping is expected, but don’t let you do it on a credit card, suck. I’m looking at you, valets. And you too, Sonic Drive-in

likefunny

Does anyone knows what is the compensation range for Associate Partner/ Principal role at EY? Thanks I’m advance. Edit - I am keep it as it is because I don’t want to ruin the jokes in the comment.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal