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(CO) Increasing my 401(k) election % did not alter how much I will owe at the end of this year. Am I looking at this wrong?
(CO) Increasing my 401(k) election % did not alter how much I will owe at the end of this year. Am I looking at this wrong? I noticed that on the spreadsheet I use to track and predict how much I will owe/be refunded for federal income taxes that I was going to owe $500 in FIT at the end of the year based on my current path. So to lower that amount, I elected to increase my 401(k) % from 10% to 17%. I know this lowers my taxable income which means lower tax liability...
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