My pay is going up by $4100 in 2016. My tax-deferred payroll deductions currently go into a PERS (pension), and I plan to max my 457 in 2016. I am married, filing jointly, and our combined gross incomes are at $93,500, so if I understand the IRS info, I am still eligible for full deductions from my gross. I should be able to max a tIRA given our current income/expenses. My questions:
Am i understanding the IRS piece correctly? I.e., can fully deduct from my pre-tax earnings as long as we don't make more than $ 98,000 in 2016?
It's possible that my husband will get a raise sometime in 2016, but probably not enough to push past the $98k limit...however,
Assuming we both get raises over the next couple of years, enough to go past the $98 k limit, then the tIRA isn't so great. Should i just skip a tIRA and go straight to Roth?
I get befuddled pretty quickly when it comes to numbers and taxes, so your help in understanding my options is much appreciated.