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LEARN MORE ABOUT: 401k Plans

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401k contributions can significantly reduce your tax burden if you have a taxable income. Many people rely on their 401k plan to save for retirement, but they may not realize the tax benefits associated with contributing to their account.

A 401k is a retirement savings account that allows employees to contribute a portion of their income on a pre-tax basis. This means that the contributions are made before taxes are withheld, which effectively lowers the amount of taxable income for the year. For example, if you earn $50,000 a year and contribute $5,000 to your 401k, your taxable income would be reduced to $45,000.

The tax benefits of contributing to a 401k are twofold. First, the contributions reduce your taxable income, which can lower your overall tax bill. Second, the money in your 401k grows tax-deferred until you withdraw it, which means you don’t have to pay taxes on it until you retire.

The amount of money you can save on taxes depends on your income and tax bracket. For example, if you are in the 22% tax bracket and contribute $5,000 to your 401k, you would save $1,100 in taxes. Additionally, if your employer offers a match, you can save even more money. A match is when your employer contributes money to your 401k, typically a percentage of the amount you contribute, up to a maximum amount. For example, if your employer offers a 50% match on the first 6% of your salary, and you contribute $5,000, your employer would contribute $2,500. This would increase your total contribution to $7,500, which would further reduce your taxable income and save you more money on taxes.

It’s important to note that there are limits to the amount you can contribute to a 401k each year. For 2021, the limit is $19,500 for employees under age 50 and $26,000 for those 50 and older. Your employer may also have limits on how much you can contribute based on your salary.

In conclusion, contributing to a 401k can provide significant tax benefits, including reducing your taxable income and allowing your money to grow tax-deferred. The amount you can save on taxes depends on your income and tax bracket, but it’s worth taking advantage of this opportunity to save for retirement and reduce your tax burden. If you’re not taking advantage of your employer’s 401k plan, now is the time to start.