Based on the info below, can my wife and I max out our Roth IRA - yes or no (hopefully)? Under 50. Please help!
IRS Married Filing Jointly Phase-Out: 242k-252k MAGI.
My income: 66k salary, 11k chairman shares (taxable income), bonus 36k = 113k total comp
Wife income = 135k salary
Total Comp = 248k
Relevant Retirement Info
Mine: I've unfortunately been contributing Roth dollars to 401k so only about $400 is pre-tax YTD. I also contributed about 2k to HSA from payroll, the rest if maxed out but funded thru a bank acct.
Wife: employer gives 10% of salary to 403b. Employer funded, not from wife.
Summary: my understanding is that since total comp is at 248k, but I contributed 2k HSA from paycheck, that drops income to 246k for AGI. Then minus $400 from 401k pre tax contributions so the total is $245,600.
So before Dec 31, as long as I contribute at least $3600 ($245,600-$242,000) in pre tax 401k contributions, I would be under $242k and could max out both our Roth IRAs?