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If your combined AGI is less than $150K and you and DH file jointly, you can contribute $3000 to a Roth. The contribution is not tax-deductible, but the money will grow tax free, and withdrawals will be non-taxable during your retirement years. If your combined AGI is between $150K-160K you can contribute only a portion of the $3000 to a Roth based on a formula. If your combined AGI is over $160K, then a non-deductible TIRA will have to do instead of a Roth.

This is a rather simplistic answer. You can get much more detailed info by going to the IRS website and downloading Publication 590. (Rules for Roth IRAs start on Page 54.)

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