Posted by: Tax services August 28, 2015
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Khalidasbhaisab,
Each of you can contribute $18,000 towards 401k. So, if you both do max amount, you can contribute $36,000 in total which will be an increment of $14,000 compared to your current contribution of $22,000. Thus saving (25% of $14,000) $3,500 in current year taxes.
Each of you can contribute $18,000 towards 401k. So, if you both do max amount, you can contribute $36,000 in total which will be an increment of $14,000 compared to your current contribution of $22,000. Thus saving (25% of $14,000) $3,500 in current year taxes.