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Thanks for the timely response/great info... much appreciated.

Some more questions/assumptions(incorrect? )

1. My wife: is 30, has a 401k with only a few thousand in it currently. I have an IRA for her also (traditional) with about 6-7k.. does it make tax and economic sense to convert that to a ROTH IRA? specificly, if i make deposits into both accounts, can i reduce my taxable income by that much?

2. From what i understand, the ROTH IRA is for someone with an existing 401k.. i will soon be self-employed (hopefully, if all goes well) so am i assuming correctly that a traditonal IRA is for me for the small tax break?

Thanks again for much needed info
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