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My wife and I both make around 70k. We are also only able to do Married filing separately. Is there any point to doing traditional IRA investments because we can't take a deduction anyways? Maybe to just backdoor Roth the entire amount every year?
I assume you both are active participants in a workplace plan that eliminates TIRA deductions as well as Roth contributions for your income levels. If so, the back door Roth is your best option since you aren't getting a deduction anyway, and the back door Roth provides you with a two step process to attain a Roth contribution. Of course, if either of you has any non Roth IRA balance, that would make the conversion taxable. But you can make the conversion of the ND contributions non taxable if you can roll any non Roth pre tax IRA balance into the workplace plan of the respective spouse.