Hello,
I am a new attending, 6 months into my first job. Married, filling jointly.
I contributed the max allowed to my new 403b and a non gov 457 accounts in the last 4 months of the year ($18K each, yes, my first 4 paychecks made my cry). My wife is currently not working and is not covered by a retirement account (though she still has $ in a retirement account from a recent employer).
Modified Adjusted Gross Income 2016: $110K
Earned income 2016: $109K
I understand contributing to an IRA will help diversify my retirement income options. I'm currently working on my 2016 taxes. The problem is I have no idea what would be the best for us since I have no prior experience with IRAs. Deductible traditional? Non deductible? Roth? TaxAct online says I can contribute $2170 and my wife $5,500 to a deductible IRA for the year 2016. It looks like we could also both contribute $5,500 to a Roth IRA instead.
We expect our MAGI to be around $250K in the next few years.
I would appreciate any help/information on how to best make this decision.
Thank you!
I am a new attending, 6 months into my first job. Married, filling jointly.
I contributed the max allowed to my new 403b and a non gov 457 accounts in the last 4 months of the year ($18K each, yes, my first 4 paychecks made my cry). My wife is currently not working and is not covered by a retirement account (though she still has $ in a retirement account from a recent employer).
Modified Adjusted Gross Income 2016: $110K
Earned income 2016: $109K
I understand contributing to an IRA will help diversify my retirement income options. I'm currently working on my 2016 taxes. The problem is I have no idea what would be the best for us since I have no prior experience with IRAs. Deductible traditional? Non deductible? Roth? TaxAct online says I can contribute $2170 and my wife $5,500 to a deductible IRA for the year 2016. It looks like we could also both contribute $5,500 to a Roth IRA instead.
We expect our MAGI to be around $250K in the next few years.
I would appreciate any help/information on how to best make this decision.
Thank you!
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