Ethan10
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 01 Sep 2010
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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.
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