Can wife add to work 401k to reduce tax liability

silbergk1 — Wed, 05 Jun 2019 06:24:50 GMT

No, a 401k plan allows employees to contribute a portion...

MaryK1 — Wed, 05 Jun 2019 06:24:52 GMT

No, a 401k plan allows employees to contribute a portion of their wages to individual accounts. The contributions are deferred compensation and must be deducted from her paycheck. They are elective salary deferrals are excluded from the employee’s taxable income.

If you are able to make deductible contributions to a traditional IRA they could be used to reduce your 2016 tax liability.

topic Can wife add to work 401k to reduce tax liability in Retirement tax questions

Can wife add to work 401k to reduce tax liability

No, a 401k plan allows employees to contribute a portion...