Roth/IRA maximum income limits

[T-Money$]

I've searched and asked and can't make any sense of Roth/IRA income limits. 

My wife and I file jointly.  I work, she does not. Adjusted gross income is around $170k/yr.  I max out my work 401k.

Can I fund either a Roth or Traditional IRA (or both) and get the tax benefits? 
Should it be in my name or my wife's?

If I can't I'm assuming a taxable account is best?   We also contribute to 529s for our children. 


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[erutio]

You each can contribute the max to roth ira, 5.5k each, for a total of 11k for 2016. 
Cannot contribute to traditional IRA because you are covered by a 401k at your job.

[erutio]

You each can contribute the max to roth ira, 5.5k each, for a total of 11k for 2016. 
Cannot contribute to traditional IRA because you are covered by a 401k at your job.

I should clarify:
Since you are filing jointly, and your MAGI is <184k, you can each contribute the Roth max, which is 5.5k, unless you are over 50, then it's 6.5k.

Since you have a 401k and your MAGI is > 118k, you cannot make a deductible contribution to a tIRA.

[seattlecyclone]

Additionally, you can make a deductible traditional IRA contribution in your wife's name since she does not have a workplace retirement account at work. Your own IRA is the only one where pre-tax is not an option.

[MDM]

See IRA Deduction Limits and links therein for the IRS version (which should be updated at some point with 2017 limits), unless that was the incomprehensible site you already checked....

[Crystal1588]

To piggyback off the OP's question...

I never realized you couldn't have both a traditional IRA and a 401k at the same time.

DH has contributed $1,000 to his traditional IRA so far this year (with the bulk of the contribution planning on being done when he gets his bonus in December). He doesn't contribute to his 401k because it has high fees and no match.  Combined gross income is around 130k. Even if he doesn't contribute to his work's plan, can he not deduct the traditional IRA contribution? If that's the case, we'll be putting the rest into a roth come December.
Thanks!

[nereo]

To piggyback off the OP's question...

I never realized you couldn't have both a traditional IRA and a 401k at the same time.

you can have a tIRA and a 401(k) at the same time.  However, if your MAGI >$118k (filing jointly) you cannot deduct the tIRA contributions from your taxes.  If your income is too high you can still use the backdoor ROTH strategy.

If you earned, say, $85k (filing jointly) you absolutely could max out a 401(k) and tIRA and use both to reduce your taxable income.

If you are married your spouse can contribute up to the $5.5k limit regardless of whether he/she has earned income (provided you earn at least $11k to qualify both of you).

[Frugalman19]

If he does not participate in his employer plan, there is no restrictions on deducting IRS contributions, right?

[nereo]

If he does not participate in his employer plan, there is no restrictions on deducting IRS contributions, right?

As i understand it, the question is whether you are offered a qualifying plan, not whether you participate in said plan.

[erutio]

If he does not participate in his employer plan, there is no restrictions on deducting IRS contributions, right?

IANAL, but I believe this is incorrect. the deduction limits based on income will apply based on whether you are offered a 401k not whether you participate.