Trying to finalize my taxes and am almost there!
Married filling jointly. One spouse works for a company and has the following income and the other with no income. When having TurboTax do the final review, it shows us an very low risk so presumably we are no too aggressive on our deductions. Both ages are 55+. I believe the relevant portions of my W2 are as follows:
W2 Box 1: $330K
W2 Box 12C: $1K (group-term life insurance)
W2 Box 12D: $17K (elective deferrals)
W2 Box 12W: $5K (employer contributions).
W2 Box 12DD: $14K (cost of employee heath coverage)
When deciding on the amount I would defer, picked the amount my employer would match. Evidently that changed some years back...
Am I able to defer more for either the the working spouse or the other under either a traditional or Roth IRA? If so, which one and any pointers to get started would be much appreciated.
Thanks!
Thanks
