Author Topic: 2019 traditional ira income limit  (Read 833 times)

billy b

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2019 traditional ira income limit
« on: November 21, 2018, 11:53:06 AM »
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

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Re: 2019 traditional ira income limit
« Reply #1 on: November 21, 2018, 12:13:53 PM »
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

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jacoavluha

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Re: 2019 traditional ira income limit
« Reply #3 on: November 21, 2018, 10:20:30 PM »
Do you and your spouse contribute the maximum allowed to your 401ks?

billy b

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Re: 2019 traditional ira income limit
« Reply #4 on: November 21, 2018, 10:34:13 PM »
Yes we do, hers is matching as well. I myself also contribute to work pension and max out 457.