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I'm considering putting some money into a ROTH IRA for the 2003 tax year. We are married, file jointly and in our 20's. Our gross income is roughly $156,000.

How much can I contribute? Everything I have read says $3,000 but that it starts to phase out between $150,000 and $160,000. Well that's me -so I'm challenged to find the max I can contribute. Also -- is that the max per person or per married couple?

Thank you in advance

The phase out starts at $150k in AGI; not in income. AGI is less. So, you'll likely be able to contribute to IRAs for both people.

You have until April to contribute; so it's best to wait until you file your taxes. At that point, you'll know what your AGI is, and where you stand with regards to the phase out range.

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