I am wondering if I could contribute to a deduct a contribution to my wife's and my IRA.
Here's my scenario for 2023.
Roth Conversion $60K
W2 Income $45K
Net Rental Income $33K
Sched 1 deductions $32K
401K contribution for 2023 : 6K
Wife does not have W2 income. We are both over 50.
I know I could contribute $7,500 to her IRA. I just don't know if I could deduct my own IRA contribution or If I would have to contribute to my ROTH IRA.
The goal is to minimize income / and taxes.
