Between my wife and I, we have a MAGI of a little more than $145k, she has a 401 via work and contributed 6% in 2020 and now upped to 10% for 2021. Turbo Tax tells me we don't get a "deduction" because we are over the MAGI limit for her contributions.
We also have a ROTH but not via our work. I currently owe Uncle Sam over $4k, If I add $7k to our Roth before April 15th, it reduces our amount owed to $2800.
Is this the best plan to reduce my amount owed for 2020 taxes or not. And what is the best plan for 2021, up my wife's deductions to her 401? Or something else.
Thanks for your help.
