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I have recently decided to invest our money myself and have been researching and studying all summer. I have a few questions on how to get the most tax benefits possible. First let me give you some background.

We have $12K saved for our son in a mutual fund in our names and another $3,000 in another mutual fund for our daughter, again in our names. We have $15K between 2 mutual funds for us and we are getting ready to contribute $4,000 to start up a ROTH IRA. We don't want to start a 529 plan for our kids because we move around too much to determine where they will go to college and as far as I know my husbands job doesn't offer a 401K plan (I am a housewife). We are looking at having about $500 a month to invest over the next year with about 10K to invest next summer.

Finally to my question. Are there any other avenues to getting a tax break on future investing? With the money in our two mutual funds we have enough to cover us in case of emergency and we would like to concentrate our investing toward retirement.

Thanks for any help!


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