IRA contribution limits on multiple accounts

[JodyS]

My wife and I are trying to max out contribution limits on IRA's for 2016. We both own a company (and are employed by them) and contribute through that and I work another job and contribute through that as well - all in SIMPLE IRAs. I maxed out her 2016 SIMPLE at the $12500 limit and I maxed out my multiple SIMPLEs through both of my jobs at the $18000 limit. What I was wondering and can't seem to find, is can we contribute another $5500 each into a ROTH as well. Was looking to dump more in for the 2016 year as I believe we won't qualify for 2017 year because we would be above the Adjusted Gross Income limit for ROTH contributions.

[Fedup]

If you are really self employed as in no other employee besides you and your wife, you should look for solo 401k.
But to answer your question. I believe you can contribute to Roth IRA provide your income is low enough. SIMPLE IRA and SEP IRA are employer's plan. Similar to 401k. So you should be able to contribute as individual when you fill out your tax return.

[JodyS]

We do have other 6 other employees (physical therapy clinic) and most participate as well in the SIMPLE IRA - so solo 401K is not option.

I was wondering because I found this on an IRS website about contributions limits when eligible for more than one retirement plan -

The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $18,000 in 2015 - 2017. Although a plan's terms may place lower limits on contributions, the total amount allowed under the tax law doesn’t depend on how many plans you belong to or who sponsors those plans.

It was the only spot I could find that and I found other spots that seemed to contradict that and said that employee-sponsored plans were totally separate from individual ROTHS when it came to contribution limits. This statement had ROTHS included in the $18000 limit. I guess I could at least for sure add a $5500 Roth contribution to my wifes account and still be ok. (her $12500 Simple + $5500 Roth would still be ok under a $18K total)

[exnavynuke]

Roth 401k contributions are included in the $18k limit. The Roth IRA limit of $5,500 (plus catchup if eligible) is not included in that limit.

[JodyS]

I was wondering if the ROTH 401K was what they were referring to - wish they would be more clear in their literature. Thanks for the help and will probably try to get another $11K socked away for 2016 before the deadline.

[kaneohe]

try posting your question at fairmark.com in the Retirement Forum.

[Sojourner]

Hi, JodyS. Just out of curiosity, are you considering (or interested in) early retirement in some form or fashion? I noticed that you have just joined the board this month and your first post was this one, a very specific question regarding Roth IRA contributions. Maybe you could stop by the "Hi, I am" forum, introduce yourself, and let us know your interest in or plans for early retirement?

[JodyS]

I am looking for an early retirement -trying to maximize the ways I can stuff money away after a few years of spending it more than I wanted on healthcare and kids. Sorry, I did join just recently and didn't notice the message on introducing yourself - rookie I guess. I appreciate all the responses and will head over the introduction thread and do just that.