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Hi Phil, your reply said:

Each of you needs to make a tax year 2010 contribution to a traditional IRA on Monday. The limit for each of you is $5,000, except anyone 50 or older as of 12/31/2010 can contribute $6,000. Don't fret about how to invest it. Go to your bank and open the accounts. Just plop the funds in whatever type of account as long as it's not a long-term time deposit. (If you have an established relationship with some sort of investment house and can do this in person on Monday that's fine too.)

I think I am still back to my original question -- What are the individual adjusted gross income limits if filing jointly? Or, since it is a traditional IRA, do the limit's not matter?

I apologize for not giving you a better overview to start with. We have run a small business for years and made a small living - not much money left over for any retirement plans - but always intended to catch up. Well, the past 2 - 3 years the business has increased, and we are doing quite well (fortunately). So, it is time to catch up. My problem now is that I work 7 days a week - full blast - and I apologize for the delay in my posting this message. I know I am down to the last minute, but thought you Fools could offer some advice on the limits. So, I am making a stab at getting caught up and just trying (this year) to get an IRA opened *IF* we do not make over the adjusted gross income limits.

Phil, I am sorry you have scolded me for waiting until the last minute. I am just trying to do the right thing. I could throw in the fact that I have undergone chemotherapy this past year for cancer, worked 7 days a week, and put my alzheimer's mother in a nursing home halfway across the country. But I didn't want to drone on about my personal challenges -- I was just hoping to try to get an IRA opened by Monday - If the limits do not exclude us.

Thanks for your help.

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