Hello to you wise mustachians!
Got a quick question here.
My wife makes $20000/year, she contributes $18000 directly to a 401K she has access to.
We contribute to Roth IRA's, and since she has worked less this year due to our childcare needs, she has made less income.
My question is, how much can she contribute to a Backdoor Roth IRA in 2016? Is it the $2000 difference between W2 income and 401K contribution? Or can we contribute the max of $5500 for her?
It makes sense that it would only be the $2000, but I've been wrong too many times before to trust "common sense".
Thanks,
JGS