how much can i contribute to an IRA

[sdliong]

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.

[Bsch4477]

The IRA contribution cannot be more than your earned income with a maximum contribution of $7,000 for each if under age 50. That’s the sum of your incomes in Box 1 of your W-2 forms. 

[dmertz]

The combined IRA contributions are limited to the amount in box 1 of the W-2.  That appears to be $10,000, so there would be $4,000 of excess contribution if $7,000 was contributed to each spouse's IRA.  However, if the 401(k) contribution was to a designated Roth account in the 401(k), that contribution would not reduce the box-1 amount, making $34,000 available to support IRA contributions.