I'm reading about IRA limits and can't seem to fully understand how they apply in my situation. Hoping the wonderful folks on this sub can help me sort it out as I work to increase my retirement savings!
- I am married, but my wife is a stay-at-home mom not earning a wage.
- In 2016, I earned approximately 71,000 in W-2 wages and 53,000 in self-employment income.
- I contribute to a 401(k) through my employer and maximize the employer contribution. I do NOT maximize my contributions at this time.
- I expect to owe taxes for the 2016 tax year, beyond my quarterlies.
- My wife currently has a Roth IRA account that was opened by her parents and transferred to her. We haven't made any contributions this year (and I know that making contributions wouldn't help my 2016 tax burden).
- I do not have any retirement accounts beyond my 401(k).
My goals are to (1) minimize the amount of taxes I owe for 2016 and (2) increase retirement savings. I am having trouble understanding the various limits and income thresholds that apply in this situation.
Can you help me distill the information as it applies to our situation and make recommendations on how to achieve my goals?
Thanks!
Submitted January 28, 2017 at 10:45AM by t2231 http://ift.tt/2kEM7dh
