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My wife and I are both income earners (70k each) and contribute to 401(k) plans. For this reason we obviously cannot contribute to an IRA. We cannot open ROTH IRAs either because we are filing our taxes as 'married filing seperately', and the AGI limitations are too severe.
My question is this, is it still possible for me and my wife to open up a Traditional IRA each with $2,000 and treat them as non-deductable IRAs? This would be desirable because the interest would be tax-sheltered.

Furthermore, is it possible to open an IRA with the full $2,000 now and another $2,000 in January. Would they be considered two seperate tax years?

Thanks very much
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