Add paycheck deductions to a W-2 income source to track 401(k) contributions, health insurance, HSA, and other amounts that come out of your pay. PiggySize uses them to estimate your take-home pay and warns you before you hit an IRS contribution limit.
Before you start
- Deductions only apply to W-2 income — 1099 and self-employment income use an Estimated Tax Rate instead (see Add an income source).
- You need a W-2 income source already added before you can add deductions to it.
Steps
- Go to Income (opens in a new tab), open a W-2 income source (click Add Income for a new one, or select an existing one to edit), and click the Deductions tab.
- Click Add Deduction and choose a category — for example 401k, HSA, Health Insurance, or Dependent Care FSA. There are 23 categories in all, covering retirement accounts, insurance, withholding, union dues, commuter benefits, and more.
- Enter the amount under Per Pay Period. For retirement and health-account categories, toggle $ or % to match how your employer takes it.
- For categories that can go either way, choose Pre-Tax or Post-Tax — a 401(k) shows this as Traditional 401k vs Roth 401k, and a pension shows Pre-Tax Pension vs Post-Tax Pension.
- If you picked HSA, set HSA Coverage Type to Individual Coverage or Family Coverage — this determines your IRS contribution limit.
- If your employer matches your 401(k), 403(b), 457, TSP, or SIMPLE IRA contribution, turn on Employer Match and enter Match % and, if it applies, Limit % of Salary.
- Click Add Another Deduction to add more, or Save when you're done.
How it works
- Pre-tax deductions reduce the taxable income PiggySize uses to estimate your take-home pay; post-tax deductions don't. "Taxable income" is the part of your pay that taxes are actually calculated on.
- IRS limit warnings: once a capped category — like a 401(k) or HSA — is on pace to hit that year's IRS limit, its row shows a Maxed by [Month] badge (for example, "Maxed by October"). Hover it for a breakdown of the limit by age bracket, since retirement accounts allow higher contributions starting at 50 and again at 60-63.
- Compare Months: click the Compare Months card on the Income page, pick a month, and PiggySize shows your standard paycheck next to that month's numbers — a quick way to see exactly when a contribution will get excluded once it's maxed out for the year.
Good to know
- Deductions are W-2 only. If you have 1099 or self-employment income, use its Estimated Tax Rate field instead.
- IRS contribution limits shown in PiggySize reflect the current tax year and are kept up to date — check irs.gov if you need the official published numbers.
- Categories like HSA and insurance don't show a Pre-Tax/Post-Tax toggle — PiggySize applies a sensible default for them automatically.
- Employer match tracking is only available for retirement categories (401(k), 403(b), 457, TSP, SIMPLE IRA) on W-2 income.
FAQ
Do deductions work for 1099 or self-employment income?
No — the Deductions tab only appears for W-2 income. 1099 and self-employment income use an estimated tax rate instead.
What does "pre-tax" mean?
A pre-tax deduction, like a traditional 401(k) or health insurance, comes out of your pay before taxes are calculated, lowering your taxable income. Post-tax deductions, like a Roth 401(k), come out after.
Will PiggySize warn me before I over-contribute?
Yes — capped categories like 401(k) and HSA show a "Maxed by [Month]" badge once you're on pace to hit that year's IRS limit.
Can I track my employer's 401(k) match?
Yes, for 401(k), 403(b), 457, TSP, and SIMPLE IRA deductions on W-2 income — turn on Employer Match and enter the match percentage.