I need help understanding IRA deduction rules for Tax year 2015. My wife and I both have 401K accounts from our work. Our filing status is married filing jointly. Our MAGI for 2015 is about 105K. I have already contributed $5500 on December 31, 2015 to a Roth IRA on my name.
Now, Can my wife open a traditional IRA on her name and contribute $5500 and deduct at least some part of it (as our MAGI is more than $98K we will not get a full deduction, I guess) reduce our 2015 Tax?
Can I withdraw from my Roth IRA (the money that I deposited on Dec 31, 2015) and deposit that to a traditional IRA on my name to get some more tax deduction for 2015 tax?