Tax Planner - Items Excluded from Federal Taxable Wages
[email protected] Member ✭✭
edited December 2022 in Budgeting and Planning Tools (Windows)
Is there a way to have payroll items such as medical insurance deductions and HSA and 401K contributions show in Tax Planner. I believe that the total wages shown do not contemplate these items that reduce your taxable income and therefore the estimated tax due is overstated.
To get my 401k contributions to reduce my taxable income, I manually add a negative adjustment for my YTD contributions each payroll in the Tax Planner (see attached image where I reduce my income by $22k). This is the only way I have been able to get a reliable taxable income.