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<<My ajusted income is approx. 70,000/yr. I'm new to investing and wondering how I can invest more and reduce my tax base. could I open a regular IRA and a Roth IRA the same year?>>

Nope. You are limited to a $2,000 annual contribution, regardless of how it is split up. So multiple IRAs (Roth, regular, education, etc.) all totally funded on an annual basis can't be done.

But if you are looking to reduce your current taxable income, check with your employer. It is likely that your employer has some type of deferred compensation plan (401k) that you may be able to participate in and reduce your current taxable income. And, if you are eligible, you'll probably be able to put away a larger amount than just $2,000 per year. So check this out with your employer.

Obviously, if your self employed, your options are even greater than the standard IRA. You can look into a SEP or Keogh plan in order to reduce your current taxable income.

And, finally, remember that if you ARE a participant in a qualified pension/profit sharing plan, your DEDUCTIBLE contributios to a regular IRA are limited by your adjusted gross income. So if this applies to you, make sure that you are aware of the restrictions.

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