Married couple, high combined income: Can we contribute to IRA, on top of 401k?
My wife and I earn between 0,000 and 0,000 combined. The amount varies due to job changes and side consulting. She puts about 4% of her salary into a 401k which is fully matched. I put in 6% and that's matched up to 4%.
I want to save more money. I plan on increasing my 401k contribution to ,000 per year. But I also want to put away more pre-tax money, if I can, in an IRA. Is it possible to put extra money in IRA when our combined income is this high? What is the exact figure that I alone can put in an IRA?
Thanks.
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With these income levels you cannot deduct any IRA contribution. I.e.: you cannot save pre-tax, as you want.
But you still can contribute to IRA (as a non-deductible contribution), and using the "loophole" transfer the contribution to Roth (you are probably over the limit to be able to contribute to Roth directly).
For pre-tax contributions - max out your 401k.
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