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If any of the fellow fools can help me. I have 2 questions, basically second dependent on the first.
1. Does AGI( Adjusted Gross Income) include-salary + dividendends + short & Long term gains for that particular year ?

2. We file a joint return and our combined AGI ( If I follow the above meaning to include all incomes) is less than 150 K this year and also will be less than 150 K next year. But by year 2001 because of our investments our AGI will be more than 160 K. Unfoolishly, We have never opened any IRA till yet. I was thinking of opening a Roth IRA for myself and the spouse this year, but it seems we may not be able to contribute by the third year( 2001). Should I go with traditional IRA to begin with?

Thanks in advance

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