I thank you so much for your help. You say the 401k is not tax deductible. Is that because your employer has already adjusted your reportable income? I mean if im making 60,000 and contribute 30,000 to the 401k. Then my taxable income would be 30,000. Then contribute 8,000 to my IRA and 8000 to my wifes IRA, I would then have a 14,000 taxable income. Is this correct and good with the IRS?
