Well, if you are able to do a 401k, you wouldn't be able to deduct for the traditional IRA
Did not know this before today. Around June this year I recharacterized my 2015 roth contributions to traditional IRA as I expect my tax rates to be lower in retirement than they are currently.
I did some research and it seems you can deduct traditional IRA contributions with an employer sponsored 401k if your ModAGI is below 60k, with 60-70k being the phaseout window.
So please doublecheck my maths and let me know if I will be unable to deduct the traditional IRA and should thus unrecharacterize (is that a word?) my contributions back to a roth this year.
Amount Total
Salary 77500 77500
Bonus 7300 84800
Misc. Income 1000 85800
401k Deduction -18000 67800
Trad. IRA Ded. -5500 62300
HSA Deduction -2500 59800
Total AGI 59800
I do not have any taxable investments.
I seem to be clear with a $200 buffer to keep my MAGI below 60k?