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#1
06-02-2008, 08:49 PM
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 Re: 401K "Arvind" wrote: - quote - > When I contribute to 401K, will the part of the income I put into my
You are correct.> 401K be reported as taxable income in my W2 and contribute to my > adjusted gross income? I think the answer is no, am I right? -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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06-02-2008, 08:06 PM
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| Re: 401K On Jun 2, 12:45 pm, Arvind <arvind....[at]gmail.com> wrote: - quote - > When I contribute to 401K, will the part of the income I put into my
Correct. 401k contributions reduce your AGI. Be aware that your> 401K be reported as taxable income in my W2 and contribute to my > adjusted gross income? I think the answer is no, am I right? gross income before 401K deductions is still subject to social security and medicare. - quote - > The reason I am asking this question is to determine if I can increase
Yes, that's a good strategy. You can increase your 401K contributions> my 401K to help me qualify for the hope tuition credit. for other reasons as well, such as qualifying for the stimulus checks. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
06-02-2008, 07:45 PM
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| 401K Hi, When I contribute to 401K, will the part of the income I put into my 401K be reported as taxable income in my W2 and contribute to my adjusted gross income? I think the answer is no, am I right? The reason I am asking this question is to determine if I can increase my 401K to help me qualify for the hope tuition credit. Thanks, Arvind -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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