403 B and 401 K

Forum|Forum|3 years ago
November 16, 2022
2 replies
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My wife has 403 B and I have 401 K and we file jointly. Will both the plans can be leveraged to reduce the tax liability while filling tax for 2022?

xmasbaby0

Level 15

Do you mean you are both receiving retirement benefits from those retirement accounts? Or do you mean you have been contributing to the retirement accounts during the year?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

123XYZ123123Author

Level 2

can you please explain what do you mean by "Do you mean you are both receiving retirement benefits from those retirement accounts? Or do you mean you have been contributing to the retirement accounts during the year?"

user17750693608

Level 8

A contribution means that you are putting money into the account. That is what is noted on your W-2. If you take money out of the accounts, that is a distribution and is taxable. You will receive a 1099-R if that is the case.

user17750693608

Level 8

Your retirement contributions will be noted on your respective Forms W-2. Your income is reduced by those amounts so you will pay less tax than if you were taxed on your entire income.