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If I earned $1765 and paid $353 in taxes for my 401k, will I still have to pay any more taxes?

Does the increase in my income make me pay more? or get back more?

Investing in your 401K reduces your tax liability.
You are essentially "hiding" money from the government.
401K money is not taxed.
Investing in your 401K decreases your income since you are putting money away.
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This entry was posted on Monday, March 22nd, 2010 at 4:17 am and is filed under 353. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “If I earned $1765 and paid $353 in taxes for my 401k, will I still have to pay any more taxes?”

  1. Investing in your 401K reduces your tax liability.
    You are essentially "hiding" money from the government.
    401K money is not taxed.
    Investing in your 401K decreases your income since you are putting money away.
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    References :

  2. I assume that you received this after you filed and need to amend.

    It depends upon the amount of your other income but you, most likely, will owe.

    The $353 normally will not cover the entire tax bill plus the extra income could reduce any earned income credit that you may have received.
    References :

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