Reducing taxable income

[dragonwalker]

My spouse earns about 300K as a W2 employee. Spouse’s company does not offer a 401K. They do not have a separate business in which to use a SEP IRA. Is there any retirement vehicle that will permit tax writes offs year over year? I know there is the backdoor Roth strategy for tax savings at a future date but is there some other way to lower taxable income now?
I am W2, have a 401K, and earn about 100K with some income from investment RE.

[yachi]

Normally contributions to an IRA would be deductible if your spouse didn't have a 401(k).  But *your* 401(k) limits the ability of your spouse to deduct Traditional IRA contributions.  Because there is a 401(k) available, there is no deduction above an AGI of $143,000.

I was going to mention there are ways to run rental property at a loss, but deducting those losses phases out for taxpayers with MAGI between $100,000 and $150,000 and is eliminated for those with MAGI above $150,000.  So it doesn't look like that's possible either.

[secondcor521]

If you are or can become eligible, you can reduce taxable income at least a little bit with HSA contributions.  Technically not a retirement vehicle, but it can be used that way.

[MDM]

Spouse’s company does not offer a 401K.

Has spouse asked for one?  How to campaign for a better 401(k) plan and links therein might be useful.

[yachi]

Spouse’s company does not offer a 401K.

Has spouse asked for one?  How to campaign for a better 401(k) plan and links therein might be useful.

This is a good point.  I don't think I've worked for a company where the spouse's salary wasn't in the top 5 companywide.  I'd imagine it comes with a say in how the company is run.

[markbike528CBX]

Spouse could FIRE, that would certainly reduce taxable income ;-)