This year I've started a full-time job after getting married and finishing my master's degree abroad. My yearly income is ~$150K, and my wife does not work.
I've been budgeting and putting aside as much money for retirement and long-term savings as possible. I've already maxed out my 401K. Based on this, I don't believe I qualify for a deduction if I contribute to an IRA because my income is too high.
However, based on this, since my wife has no employment or retirement plan, I believe I can get a $6,000 deduction by setting her up with a spousal IRA (note: my wife is not a US citizen, but has an SSN and we file a joint return). Do I have that right?
For myself, since I can't get the tax deduction for contributing to my own IRA, would contributing to my Roth IRA be my next best option?
Submitted November 01, 2019 at 09:21PM by nimrand https://ift.tt/36s1hrd
