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Forgive me for the newbie question . . .

I did some preliminary tax preparation, and it looked like my wife and I will owe fairly significantly again this year. I then noticed that my wife and I did not maximize either of our Roth IRA contributions for the year. My question is, can I open traditional IRA's for each of us prior to April 15 and contribute to them to the $2000/person limit for the combination of IRA's? This would reduce my tax liability for the year. Would this work, and if so, is it the right thing to do?

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