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Dear Fools:

I have read parts 1-4 of last January's Roth IRA post and have a couple of questions. I hope that someone has an answer and also that someone else might benefit from the answer.

My accountant got excited when I suggested that my college bound daughter might start a Roth IRA with money that I had promised her for college and now is excess because of a good scholarship offer. My first question: Can she withdraw this money if the need for graduate school financing arises?

Secondly, I have a SEP-IRA and my wife works for me one day a week. I basically pay her like a nonemployee subservient wife; that is, she gets extra grocery money from the Head Pig. I understand that I can start a Roth-IRA for myself. Would my wife qualify to start a Roth IRA if she was a bonafide employee? Would she need to earn $2,000 from some other source, or might she qualify under her present despicable situation?

Foolin' along,

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