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As you said: the answer is YES! Since 1997, you can open an IRA for a non-working spouse (or one that makes less than $2000/year). The only caveat is that whether you choose a regular or Roth IRA, you can't put more than $2000 into the account per year. But you can split that $2000 between the two types of IRAs anyway you want.

BTW, as a Fool, I would recommend that your wife move her 401k money into a rollover IRA and control it herself.

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