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aj485:

OP: {{{I recently got married and my taxes are now filed jointly instead of individually. My wife and I each contribute to a workplace 401k. Lets just say we each both max out the $19,500 per year for a total of $39.000. My question is what amount of that reduces our taxable income for the year? The total $39.000? Is there now a limit since we file jointly in order to receive the benefit of reducing our taxable income?}}}

"The 401(k) contribution comes off the top of your income, so if you each contribute $19,500 to a pre-tax 401(k), your potential taxable income would be reduced by $39,000. Income limits apply to things like deductible IRA and Roth IRA contributions, not 401(k) contributions."

For the OP, aj's comment about pre-tax 401k means that it is not a Roth 41-k contribution.

Regards, JAFO
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