Traditional IRA Income Limits

Retirement

Hi, need some advice on where I should allocate retirement money beyond what we are currently doing.

My wife and I are married. I am a regular W-2 employee for a company and she is a contractor set up as an S-Corp.

Total Gross Income for both of us is: $240k

Currently we are saving as follows:

Me: Maxing out 401k through employer: $18,000

Her: We have a Solo 401k set up through Fidelity so we are doing $18,000 is salary deferall and another $15,000 as the employer of the S-Corp.

Total retirement is $51,000 annually.

My question is, could we also be putting in another $11,000 per year into a traditional IRA ($5,500 each).

Posted Apr 26, 2017, 5:55 PM UTC

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