Here's an overview of my 2016:
1. Earned income from job was 106,000.
2. Capital short term gains (6500) - capital short term losses (2500): 6500 - 2500 = 4000
3. Sold a house for 330,000 before hitting the 2 year mark to not pay tax on the gains (initially bought it for 320,000)
4. Contributions to 401k: 8500
I'm trying to figure it out if I can contribute to traditional IRA for 2016 and deduct it. I'll be filing jointly and my spouse is unemployed. I know I can contribute the max for her and be able to deduct all of it, but will I be able to do the same for myself?