Our main income has always been and still is from a company that does not have a 401k or any other type of retirement plan. We are 66 and have always contributed to traditional IRAs and have received full tax benefit. For 2023, my husband took a small part time job with minimal income in addition to our main employment. This 2nd job has a 401k and he decided to contribute all of his small income from the 2nd job to it. Now it appears that we have lost all of the tax benefit of our traditional IRA contributions and our tax responsibility has increased by more that the small wages from the 2nd job.
The vast majority of our income is from the company with no 401k. Am I missing something? It seems not worth it.
