My parents file their taxes jointly, and I was wondering if they could each open a separate IRA acct or if they'd only get to open one. The I in IRA means individual (only one). Now I realize that the congress tends to redefine terms so as to confuse us all but not in this case.As long as one of your parents has earned income each can open an account. Each can contribute up to 2000 (total 4000) or if less, the total amount earned.
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