DH 401K Maxed Out, What about me?

[Anonymous]

DH salary - $205K plus $70K bonus

My income as a 1099-er, $30K per year

DH maxes out his 401K contributions, including taking advantage of the catch-up contributions for those 50+

Can I contribute to my existing IRA and still get a tax deduction?

I've googled the heck out of my question, and am still confused.

Any tax experts here?

[Anonymous]

You make too much combined to get an IRA deduction. You could get it if you file separately, but then your husband would pay a much higher fed tax rate. It doesn't seem worth it.

[Anonymous]

you could look into a SEP-IRA

[Anonymous]

OP here. thanks!

I'll investigate a SEP.

[Anonymous]

Back door Roth.

[Anonymous]

Are you really a 1099 or just being misclassified?

SEP if you want the deduction, back door Roth if you don't.

[Anonymous]

Anonymous wrote:Are you really a 1099 or just being misclassified?

SEP if you want the deduction, back door Roth if you don't.

careful with a backdoor roth if you have an existing IRA -- you may owe more tax than you expect

[Anonymous]

A self employed 401-k. It is not hard to set up. In 2014, 17.5k limit as employee (this is easy to determine) and as employer you can "match" and contribute a certain percentage of net profit (this may be more trouble than it is worth in your case) up to a limit.

[Anonymous]

I have a 401(k) at work but have set up a self-employed 401(k), so I have doubled my 401(k) contributions. The clowns at the IRS won't notice.

[Anonymous]

SEP!

[Anonymous]

Anonymous wrote:Are you really a 1099 or just being misclassified?

SEP if you want the deduction, back door Roth if you don't.

Not sure I understand your question regarding being misclassified?

I am paid gross and pay my own taxes. My employer is legit, and is careful to report everything to the IRS including everyone who works for him and our SSNs.

[Anonymous]

Anonymous wrote:I have a 401(k) at work but have set up a self-employed 401(k), so I have doubled my 401(k) contributions. The clowns at the IRS won't notice.

No way I want to get audited....Noooooo way dude.

[Anonymous]

So if I'm a contractor, am I technically a sole proprietor? I work 30hrs a week, 52 weeks a year - give or take.
I pay my own Fed and State,

[Anonymous]

why work when your spouse makes 9X more than you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are you really a 1099 or just being misclassified?

SEP if you want the deduction, back door Roth if you don't.

Not sure I understand your question regarding being misclassified?

I am paid gross and pay my own taxes. My employer is legit, and is careful to report everything to the IRS including everyone who works for him and our SSNs.

If you have a regular employer there is a decent chance you might be an employee, rather than an independent contractor.