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jkg409
Sep 22, 2007, 11:58 AM
Hi,
I am new to 401k.
If I enroll in 401, does it reduce only
federal tax liability, or CA state tax liability as well.
how can i compute what tax I will save if I put 3000
in 401k. Any helpful sites/ calculators??
Regards,
JKG
AtlantaTaxExpert
Sep 22, 2007, 01:14 PM
The 401K contribution reduces BOTH the federal and the CA income tax.

How much you save will depend on your overall tax bracket.