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Yes, to both questions. Yes, in spite of your income, you and your wife may each open traditional IRA accounts and each of you may contribute $2K to his or her own account in 1999, and again in 2000 and every year thereafter--as long as you have earned income. The contributions will not be tax deductible, but the earnings on the accounts will be tax deferred--no taxes until withdrawn from the account according to the rules--usually at age 59-1/2.
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