Help me decide whether to contribute to a Traditional or Roth IRA in 2015.
Expected gross income in 2015: $127,000
Federal taxable after full 401(k)'s, standard deductions, personal exemptions: $71,700 (may be lower actually, these are using 2014 numbers)
This will put us entirely in the 15% bracket.
Our current non-debt spending (and this approximate income needed in retirement) comes out to around $3,000/month, which would require ~$45,000 before taxes to cover, also in the 15% bracket.
Based on this, both contributions and withdrawls would be made in the same bracket, making the tax savings a wash.
I may be missing something, but at the moment I can't see which IRA would be preferred. Halp!