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IRAs are per-person

Submitted by Philip Brewer on October 29, 2007 - 08:31.

Again, I'm no tax expert. However, I'm pretty sure that IRAs of all types are per-person. You not only don't need to open a single Roth IRA for the two of you, I'm pretty sure that you can't--the IRA needs to be for a specific person (whose age will be the one that determines when you can take money out without penalty, etc.).

The contribution limits vary depending on your filing status, but if you both qualify, you can both open a Roth.

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