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Subject:  Rule my retirement Date:  12/13/2020  2:24 PM
Author:  chenfong0503 Number:  338 of 346

Hi,
I have been reading a lot regarding how to rule my retirement, but I still kind of confusing.
I am at my late 30s with a full time job with 403(b) account, my income MAGI is in the range of 165k to 210k. My wife is a stay home mom, she is tutoring on the side, but only makes 4k a year, and this income goes into our LLC.
My CPA has been advising me to maximize my 403b so I have been doing that and save $6,000 into my wife's IRA.
MY first question is:
If my income MAGI is below that's say $196,000, could I still save money $6,000 into roth IRA? Even I already maximize my work retirement account (403b), and I saved $6000 into my wife's traditional IRA account?

second question:
If my MAGI is above $206,000, could I do a back door IRA? If I understand right, I have a work retirement account and MAGI is more than $124,000,I can't even save money into traditional IRA so back door IRA won't be an optional for me.

third question:
Will that be a point, I couldn't save anymore for my wife's traditional IRA account? (such as income goes beyond a range)

Last, what's the best way to maximize our retirement?
I am thinking to keep maximize my 403b, and Roth IRA is that's possible for myself.
For my wife, keep saving $6,000 into her traditional IRA (if roth is not allowed ) and open a sep IRA for her if our LLC could generate more income.

any suggestions and answers would be appreciated.
Thanks!
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