Hello!
My wife and I are currently in career transitions and will be making significantly less than we have previously. As such, we may now be eligible to qualify for healthcare subsidies etc. so we are trying to show as little income as possible for the next two years.
Numbers:
We have 2 kids and are responsible for purchasing our own healthcare.
I will make 99k
She will make btw 35-45k
We plan to max out both our 401ks and Traditional IRAs. So that will be 47k.
My question is, does the IRS allow the deduction of both (all 4, really) retirement accounts?
In addition, any ideas for further bringing our taxable income down?
TIA!