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?

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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?"

xmasbaby0

Level 15

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

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.

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.