IRA question

[ryanht13]

My w2 earnings 2017 - 120,000 (no company 401k)
Wife w2 earnings 2017 - 95,000 (didn't have company 401k until she started a new job 2 weeks ago)

what are our 2017 options for roth, traditional, 401k?

[NoStacheOhio]

The low-hanging fruit here is your wife's shiny new 401k. Assuming it's low-cost and has good fund choices, dump as much money as you can into it through the end of the year (take whatever the max contribution is and use your salary for regular expenses).

IIRC you're eligible to deduct an IRA when you aren't offered a retirement plan at work, but I'm not sure if there's a phase-out, and it may also depend on MFJ/MFS.

[terran]

At that income level you're most likely looking at backdoor roth being the only option for both of you. See https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2017

According to https://ttlc.intuit.com/questions/3305379-what-if-was-covered-by-an-employer-retirement-plan-for-only-part-of-a-year-can-i-qualify-for-a-tradional-ira if you're covered by a workplace plan for even one day of the year then you're considered covered for the whole year.

[MDM]

Pretty much what previous posters have said, but see
IRA Deduction Limits | Internal Revenue Service,
Retirement Topics IRA Contribution Limits | Internal Revenue Service, and
Backdoor Roth IRA - Bogleheads for specific details on the IRAs.

And yes, as much into the pre-tax 401k as the employer will allow between now and 12/31/2017.