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Greetings, Mehul, and welcome. You asked:

<<My wife has a 401(k) plan, so money invested in a traditional IRA cannot be deducted at tax time. However, I am a working spouse who does not have a 401(k) plan. If we file jointly and our AGI is $120,000 or so, can I deduct $2000 at tax time if I invest in a traditional IRA?>>

Yes, you may. The deduction doesn't fade away until you reach a joint AGI of $150K. It disappears at an AGI that's more than $160K. See our IRA area at for details.

<<What is the latest that I can open an IRA account and invest if I want the deduction for the 1999 tax year? Or has the time limit already passed?>>

You have until April 17, 2000 to make your 1999 IRA contribution.

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