Gotcha, that makes sense for your situation. I didn't know NY treats trad 401k and trad IRA differently.That is true, but I would have to pay NY state income tax which would be a PITA. Plus I would have to open a Roth 401(k) which is at least now available at Schwab where I have my traditional 401(k). It is true that I could then "double-dip" on the Roth contributions, but I believe the NY State Income tax is high because it is based on all my income being NY based and then pro-rated for just the NY portion. At this point in time I have converted all my traditional IRA to a Roth IRA and we are working on converting my spouse's traditional IRA to Roth.I believe you could instead do Roth 401k contributions, which would then leave you with income from which you (given low income) and/or your wife could contribute to a traditional IRA.
Statistics: Posted by AnEngineer — Sun Dec 29, 2024 1:41 pm — Replies 17 — Views 1500