We should have $3-5,500 saved by the end of July or August to put into our IRAs for the year and I am trying to work through our best option taxes wise. This is the first year we will probably be in the 25% bracket and the first year we can put into an IRA in a while, so please bear with me.
Basic information
I'm married, we filed jointly
Estimated income for 2015 (based on earnings thus far this year) $145- $180,000 - wide variation since we're both in commission jobs.
Mr. MEJG has a 401K at his job- he is maxing it out. No other job based retirement accounts available, No HSA, No other pre-tax accounts available
We have two children, and qualify for the adoption tax credit for this tax year ($13,400 - NON refundable credit, can be rolled for 5 years)
2015
Roth IRA
income limits: $183-$193
tIRA
AGI >$98,000 can deduct entire amount
$98,000 < AGI < $118,000 partial deduction
With our current income, and current options for AGI reduction I don't see why we should contribute to traditional IRAs this year. I currently hold a Roth, and a tIRA (Simple rolled over from previous job). So contribute to mine and open a Roth for Mr. MEJG
Am I missing something?
Thanks :)