Hello,

Since it's near the years end, I wish to fully allocate my retirement income. I have both a 403b from my employer and I have my own roth IRA via an online brokerage house.

Question 1. Can I contribute maximally to both the 403b and roth IRA? My income for hte year will be b/t $95k-110,000.

Also,Question 2. can I contribute to my wifes Roth IRA (who has not been working this year and has no income)

In any year, you can max out your contributions into your 403(b) at work, and can still max out your contributions to your Roth as well.

One catch is that your income must be low enough to enable you to contribute to a Roth IRA. If you're married, the phase-out is for "modified adjusted gross income" MAGI) of between $150,000 and $160,000. The phaseout for single individuals is between $95,000 and $110,000. And remember, amounts contributed to your 403(b) reduce your MAGI.

You indicated that your income won't exceed $110,000. Based on that info, you and your wife can each contribute $4,000 into your Roth IRAs in addition to the $14,000 you will contribute into your 403(b) account at work. (As long as one of you earns $8,000, you can each contribute the full amount into a Roth IRA, subject to income limitations.)

Contratulations on saving $22,000 into these tax-advantaged retirement accounts this year.

Zip Code: aschwartz@mdtaxes.com