Reply To: IRA and HSA

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#4860
Alan S.
Participant

It appears that one of you is 55 and the other 50-54 from the HSA limits you posted. Box 1 of your W-2 should be 18,700 unless there are other pre tax deductions (FSA, pre tax health premiums, etc. That leaves room to max out your Roth IRA contributions @ 7000 each including spousal contribution, and add 7000 to your HSA contributions to max out the HSA at 8000.

Since Roth 401k contributions do not reduce your W-2 Box 1 amount, you could have contributed much more to the Roth 401k without affecting your taxable comp eligible for Roth IRA contributions. As such, when making Roth 401k contributions, you can use the same income for making either Roth IRA or TIRA contributions.