Hello,
I am 53 years old and contribute to a 401k at work. My wife does not work. We file married file jointly and our MAGI is less than $196,000. Here is my question.
I maximize my 401K contributions at work and contribute to my wife's IRA (traditional) in the amount of $6000 which is fully deductible as I have enough income to cover it. My understanding is that I can also contribute to my ROTH IRA in the amount of $7000.
The IRS guidance is not totally clear if I can also contribute to my ROTH IRA since I already make a full deductible contribution in the Spousal traditional IRA.
Can somebody confirm this?
Thanks in advance for your help.
