IRA Income Limits
In 2018, I will be 68; my wife will be 71. She is retired; I work for an employer who does not offer a retirement plan.
I believe the following to be correct; please let me know if I am missing the mark.
I may contribute to a TIRA up to $6500 if I earn more than that amount.
My wife may contribute $6500 to a Spousal Roth IRA if I earn more than $13,000 and our Roth MAGI is < $189K.
Roth MAGI = AGI minus taxable income attributable to Roth Conversions.
Thank you for all of the help you provide.
Michael
Permalink Submitted by Alan - IRA critic on Sun, 2018-07-01 15:08
Yes, your numbers are correct. The Roth MAGI phaseout range is 189k-199k, allowing partial contributions for MAGI within that range. You can deduct your TIRA contribution since neither spouse is participating in a workplace retirement plan.