2019 traditional ira income limit

[billy]

I contribute to my work 401k, my wife contributes to her 401k at work as well, we will gross 160,00 a year, married filing jointly.  Is the 2019 traditional ira income limit based is gross income or taxable income?  If I can't write off traditional ira, I should just to roth ira?  Thanks, go fire.

[walkwalkwalk]

It is based on MAGI, (modified adjusted gross income) and yes, since you cannot deduct traditional IRA's I would go with Roth IRAs for both of you.

[terran]

Here are the 2019 limits for those covered by a retirement plan at work: https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

Here is the definition of MAGI: https://www.irs.gov/publications/p590a#en_US_2017_publink1000230489

[jacoavluha]

Do you and your spouse contribute the maximum allowed to your 401ks?

[billy]

Yes we do, hers is matching as well. I myself also contribute to work pension and max out 457.