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So I'm going to open up my first IRA. I've been reading these boards for a couple months, have read the 13 steps, and have seen my interest in the foolish 4 peak then trough. However, there are still a couple of question I don't have answers to.

First, I've heard that the IRA maximum contribution will be increasing soon. Any truth to this?

Second, I want to invest $2,000 in a Roth IRA for the last tax year, and $2,000 this year. I'm 26, and I'm willing to take risks. I liked the foolish 4, but am not so sure anymore. Anybody have suggestions for an investment strategy?

Third, I know that if you make over a certain amount, you can't invest in the Roth IRA. I've heard at least three different figures so far, the highest being 150,000. Does anybody know what this amount is?

Fourth, what happens if, for example, I invested $2,000 in the foolish 4 in a Roth IRA. Next January, let's say my stocks did well and my account is up to $2,500. I then want to rebalance my portfolio and pick new stocks. Can I do this, or will I violate some rule because I'm technically "putting" in $500 more dollars than I'm allowed to? I'm really confused about this last point.

Can anybody help?

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