Can I contribute $14K ($7K to my IRA and another $7K for my wife's IRA) with this scenario? if not, what is the maximum we can contribute?
This is combined for both of us:
$34,000 gross earnings
-$24,000 401K contribution
-$3,000 Social Security and Medicare tax ( I did not withhold Fed and state tax, will pay that using est tax form)
$7,000 net pay
My goal is to maximize the contribution our retirement accounts.
