topic 403 B and 401 K in Get your taxes done using TurboTax

403 B and 401 K

123XYZ123123 — Tue, 10 Mar 2026 06:56:49 GMT

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?

Re: 403 B and 401 K

xmasbaby0 — Wed, 16 Nov 2022 18:43:07 GMT

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?

Re: 403 B and 401 K

leeloo — Wed, 16 Nov 2022 18:44:28 GMT

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.

Re: 403 B and 401 K

123XYZ123123 — Wed, 16 Nov 2022 18:46:38 GMT

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?"

Re: 403 B and 401 K

leeloo — Wed, 16 Nov 2022 18:54:09 GMT

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.

Re: 403 B and 401 K

xmasbaby0 — Wed, 16 Nov 2022 18:54:27 GMT

@123XYZ123123 Are you in fact retired and taking money OUT of those retirement accounts? Or are you just asking about the tax advantage of putting money INTO retirement accounts-- from your W-2 paychecks?

Re: 403 B and 401 K

123XYZ123123 — Wed, 16 Nov 2022 19:46:13 GMT

@xmasbaby0 I am looking at Tax advantage by putting money INTO retirement accounts-- from my W-2 paychecks

Re: 403 B and 401 K

123XYZ123123 — Wed, 16 Nov 2022 20:56:06 GMT

@xmasbaby0 Any guidance? Can I take Tax advantage while filing jointly.

Re: 403 B and 401 K

xmasbaby0 — Thu, 17 Nov 2022 00:38:18 GMT

If money is being taken out of your paychecks for the retirement accounts, that money is not being taxed so you are already getting a tax advantage. You just enter your W-2 exactly as it appears. Each of you has to just enter your W-2 and include the information from all of the boxes on your W-2's.