Author Topic: I get confused on what I can and cannot contribute to  (Read 1082 times)

Jana

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I get confused on what I can and cannot contribute to
« on: October 07, 2016, 05:30:11 PM »
Newbie Question. What am I missing?

Income 235K  (pension + second career-husband)
I don't have any income

He's will contribute 24,000 to an employer 401k (we are both over 50)

With our income so high, what else can we contribute to?
itemized Tax deductions 30,000+ (Charitable, unreimbursed business and other misc.)

He plans to work 3-5 more years to pile up cash in the unlikely event that the pension goes bad)

Zikzin

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Re: I get confused on what I can and cannot contribute to
« Reply #1 on: October 07, 2016, 05:35:38 PM »
Hello,

You can also open your own IRA and contribute $6500, HSA account another $6500 for family or $3500 for individual. Just confirm though if the IRA can still be tax deductible with your income, If I'm not mistaken, there's an income limit of $150K

 


MDM

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Re: I get confused on what I can and cannot contribute to
« Reply #2 on: October 07, 2016, 05:45:51 PM »
Quote
Just confirm though if the IRA can still be tax deductible with your income....
You'll likely need to do a Backdoor Roth IRA to make decent use of any IRA option, but the advisability of that depends on how much you currently have in pre-tax IRAs.  See http://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits for various limits.

Might be worth Starting a "Case Study" Thread if you would like feedback that considers your overall situation.

How did i-orp.com work for you?

Jana

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Re: I get confused on what I can and cannot contribute to
« Reply #3 on: October 07, 2016, 06:19:26 PM »
Thanks! I didn't know about the case study option :)