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You can open the IRA for $2,000 and invest it in any mutual fund you wish and take the $2,000 deduction for 1999 as long as you open the IRA before April 15, 2000.
You can open the IRA and invest in the same mutual fund you are in now. If you need help in understanding how to do this, please post a follow up question and we'll be happy to help.

Bill
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