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I have tried to find a link to the IRA rules for income limits and everything I find appears to not quite fit my situation. I believe the income limit is $179,000. If we file income tax jointly -- is that $179,000 for EACH of us? Or together?

The spouse and I are self employed - we both work in the business. Our CPA tells us we make too much (around $260K AGI). I saw a CNBC segment the other day with Susie Orman and she said if you made less than $179K AGI - adjusted gross income - you could open a traditional IRA and then convert it to a Roth immediately. I don't know if the $179K is for each one of us? I don't know if it has to be converted to a Roth immediately - meaning by the IRS deadline for this year?

Can anyone point me to an IRS link that spells out the limits? Can anyone comment on the Susie Orman suggestion of opening a traditional IRA and then converting to a Roth IRA? And do we have until the end of Monday (April 17th) to do all that? Thanks for any info. I appreciate it.

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