No. of Recommendations: 0
My wife and I own a business. I am also in the military and currently deployed. I am still taking a check from the business so that both my wife and I can continue maxing out our simple IRA for $12,500 this year. Now that I'm on active duty, I can contribute to the Government TSP program and it has a Roth Option. My income is not taxed by Fed or State based on my duty station and Pennsylvania's rules so the Roth seems like a good idea with that untaxed income. Here's my questions:

1. Can I still take a check from the business since I still do work for the business via internet when I'm off duty?

2. Can I contribute $12,500 to the Simple IRA and another $5500 to the TSP?

3. Can my wife also contribute another $5500 to her traditional IRA that we funded before we started her Simple IRA in order to max out her contributions?

4. How much can each of us deduct from our taxable income?

5. Lastly, Does it even make sense to fund our simple's and worry about sheltering more?

I expect our earned income to be miniscule in retirement. I'll have some rental properties and a small military pension starting at 60, but no earned income after 60 currently planned. Our current income exceeds $250/yr. With all other investment income, I was just planning on funding my S&P index Vanguard fund which is where all of our previous years retirement savings are located.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.