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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.

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