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I and my wife are ready to invest in a ROTH IRA. I've read the AllAboutIRAs section that MF and especially TMFPixy has so eloquently written. But I've 2 questions that I am a little confused about :

1. Is it true that I can contribute 2000$ for myself and 2000$ for my wife [my wife is a home maker with no earned income], i.e a total of $4,000 for the year 1998 if I open an account before April 15th, 1999?
2. So we can also contribute $4000 to the 1999 ROTH IRA within 1999 or before April 15th 2000?
3. After 5 years we intend to buy our first home, In that case we can WITHDRAW $10,000 or $20,000 since both of us would have contributed to the ROTH IRA?
4. Finally basic question: If I open a ROTH IRA account with E*Trade and buy x amount of stock of Y company which would cover my $2000(incl comm, after 5 years when I sell my sale price has to be $20,000 or less to ensure no penalties right? But can I not withdraw the $20,000 (original contribution for both of us for 5 years) and additional $20,000 in earnings for both of us if we buy a house?

Your answers will be greatly appreciated,

NIkhil Bhat
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