Related Posts
Recently Store Managers have been offering me jobs from different locations but same company in my town. The company is T-Mobile. It’s going to be my first job. I have a couple questions for any former/current employees. Is it better to work for T-Mobile, metro by T-Mobile, or a third party T-Mobile? Any difference in benefits or wage? Thanks
More Posts
How are you chillin fish?
Making the fall schedule
is crazy!!
Special component in Persistent
The layoffs must have pissed some people off.
Additional Posts in Personal Investment Chatter
What are some good stocks to buy today?
“Fool of a Took”
Well. ARKK is back.
Is BRK-B a buy right now?
New to Fishbowl?
unlock all discussions on Fishbowl.
It is based on the traditional IRA balance at end of the year, so you should be good
No- they’re individual for 401k and IRA. They don’t cross names.
Over limit and under limit apply to both of you filing jointly. Yes, you’d have to backdoor, and yes, pro-rata would apply to her then. But not to you.
You have to look at yours and hers separately. They are individual accounts and you don’t look at them together. If you have no traditional Ira balances, you can do a backdoor Roth IRA with no issue. If your wife has a balance she would pay pro rata tax if she did. Unless you want to pay tax on her conversion, don’t do that, but you would need to decide whether it makes sense or not. Also, if she is not getting a deduction for her traditional Ira and has been contributing she will have basis which would reduce the sting of the prorata tax. If you have no intention of converting and not getting a deduction, I would not contribute any more to her IRA