I am married and my wife and I have an income of right around 160k combined. However we both have jobs were we can easily work as much overtime as we want and we’ll probably make around 200k in 2020.
Is it possible for me to open and fully fund two Roth IRAs for us? Do I have to open a traditional because we make that much?
Lastly, what happens if I open a Roth IRA and we make too much or I open a traditional and for a year we don’t work overtime?
Would I constantly have to convert it between being a Roth and traditional ira? My wife will eventually be a stay at home mom and I’ll be making around 140k on my own.
Hope that makes sense. I much rather pay the taxes now and take out money tax free when I retire. I plan on continually making more in my career. We live in a high tax state (NY).
Submitted October 18, 2019 at 05:40PM by gubba123 https://ift.tt/32ulOca
