Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Sorry, you are giving the limits for a 401(k) contribution, not a Traditional IRA. The Traditional IRA limits for 2018 are $5,500 plus a $1,000 catch up contribution if 50 or older. If there was enough joint earned income, this could have been contributed as a spousal IRA, and the wife's income could have been contributed to another type of retirement plan, as described in the Fidelity link.

Good catch, and thanks for that correction, but this makes the OP's situation worse from my perspective because the Traditional IRA limits are so much lower than the 401k to start with.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.