403 B and 401 K

[123XYZ123123]

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]

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?

[leeloo]

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.

[123XYZ123123]

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?"

[leeloo]

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.

[xmasbaby0]

@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?

[123XYZ123123]

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

[123XYZ123123]

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

[xmasbaby0]

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.