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How much trouble am I in for putting money in the IRA (that I'm not eligible to contribute to)? I have no intention of deducting it on my taxes, so does that mean I'm okay?

I'm assuming that you're talking about the 'new' IRA, which I'm also assuming is a Roth IRA? If you were not eligible to contribute to the Roth in the year that you contributed to it, then you are not 'OK'. You must 'recharacterize' the contribution -- meaning you must move it to a 'Traditional' IRA. The company that is handling your IRAs will know how to do this.

Question 3:
Since DH has a few thousand in his, of course I don't need to close it. But I'm thinking it might be better to convert it.

I'm assuming that you mean converting the 'old' traditional IRA to a Roth? There are income limitations on conversions from traditional IRAs to Roth IRAs, so make sure that you're eligible for conversion.

Question 2:
Since (God willing and the creek don't rise) our income will never again be low enough to qualify, is there any reason on earth I should keep my IRA open? And since it has less that $50 in it, do I care?

I'm a little confused here, because there are no upper limit income limitations on Traditional IRAs. You just can't deduct your contribution if you're covered under another plan (401K, etc.) It is only Roth IRAs that have upper limit income limitations.

I've made a lot of assumptions here, so I hope I haven't completely misinterpreted what you asked...

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