Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Taxes at end of year

Reply to topic
Money Talk > Taxes

Author Thread
Ethan10
First Time Poster


Cash: $ 0.25

Posts: 1
Joined: 01 Sep 2010

Taxes at end of year  Reply with quote  

At work I have 3 dependents (have 4 now wife gave birth) and I give $4 plus paying off 3 loans totaling $80 per week. It comes out to $84 a week which I am contributing into my 401k. 2 of these loans will be paid off on January 2011. I make roughly 45-50k a year.
Couple of questions:
If I raise my 401k contribution from $4 per week to 10% plus change my dependent from 3 to 4, come income tax time will I get a refund or will I be owing Uncle Sam.
lets say I make 45k this year and I contribute $5000 into my 401k. At the end of the year come tax time will I have made 40k or does the $5000 I contributed to my 401k get counted as well.
Post Wed Sep 01, 2010 5:47 am
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
 Reply with quote  

There's a calculator on the IRS web site for figuring out how many exemptions to claim. To figure the wages you want to input into the calculator, just deduct your planned increase in contributions from the wage number you used before.

Start here: http://www.irs.gov/individuals/article/0,,id=96196,00.html

~Tim~
Post Sat Sep 04, 2010 4:19 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016