I have tried to find this on google and I just can't get anything that answers my specific question. Hopefully someone here can help me.
If I have a 401k and make under 96k per year (which I do) then I am allowed to open an IRA and put up to 5,500 into it per year tax free. That, I get.
My question is, if my wife doesn't work, can I have a 401k and an IRA and open up an IRA for my wife also. That would give my family a total of two IRAs plus a 401k for a tax deferred total of $28,500 plus my company match.
Is this legal? A link to a law would be helpful. I can't find anything anywhere about having two IRAs and a 401k. Maybe google doesn't think anyone would save that much.