Author Topic: Tax Advantaged Optimization  (Read 1502 times)

Blackbeard

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Tax Advantaged Optimization
« on: June 18, 2015, 07:48:34 AM »
Need some advice.  Im sure this has been discussed before. 

I'm trying to figure out the best way to leverage 401k, IRA, HSA's as a high income earner filing jointly with a spouse that does not work.  I max out my 401k, HSA, we don't have any IRA.

My salary plus bonus puts us over 180k MAGI.  I'm just struggling to figure out how to maximize our tax advantaged accounts.  Any help or ideas?

Thanks
« Last Edit: June 18, 2015, 08:03:53 AM by Blackbeard »

seattlecyclone

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Re: Tax Advantaged Optimization
« Reply #1 on: June 18, 2015, 08:19:56 AM »
Keep maxing out your 401(k) and HSA. Open up a Roth IRA for you and your spouse and max those out as well. Your income is high enough that you might have to make "backdoor" contributions. Once you've done that, there aren't too many options left. You could potentially contribute to a 529 account to pay for kids' college (if you have kids).

forummm

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Re: Tax Advantaged Optimization
« Reply #2 on: June 18, 2015, 08:29:50 AM »
The cyclone is correct. You're doing great. The $11k/year into the IRAs between the two of you will help you over the long run.