Tax Planner - Items Excluded from Federal Taxable Wages
thfrench@
Member ✭✭
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.
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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.
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