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My wife and I are in our early 30's and would like to open a retirement account in addition top our work sponsored retirement accounts. We like the idea of a Roth IRA, but we are close to making the maximum allowed under the Roth IRA guidelines. What would happen if we were to open a ROTH IRA in 2001 and made monthly contributions until 2003 and then, in 2003 we made over 180K. Would we be thrown out of the ROTH IRA program? Would we pay a penalty of some type? Based on these facts should we forget the Roth and just get a traditional IRA and use the compound interest to our advantage? Any help would be appreciated.
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