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Actually, jm4t, the law was changed -- there is no $250 limit anymore. As long as your wife has more than $4000 in earned income, you can open an IRA (regular or Roth) and contribute $2000 of her income. (She can even open a Roth IRA for herself!) I don't think the term "spousal IRA" is used anymore, but I might be wrong.
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