I just read an article about how it may not be possible to get tax benefits from maxing out your 401k and trad. IRA if you make above a certain income. I do not fully understand how this works and would appreciate any guidance. Next year, my current fiance (will be wife by next year) and I were planning on maxing out her 401k and both of our trad. IRAs. I will earn about $58k and she will earn about $40k.
Should we reallocate the money we were going to put into our trad. IRAs into another account? Or are we below the income limit? Should we file our taxes separately? (Not sure if filing separately would make a difference).
Thanks!