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If my wife and I file taxes jointly and exceed the adjusted gross income limitations for contributing to a Roth IRA, and both have an employer sponsored plan, can my wife and I still:

Contribute $4000 annually to a traditional IRA each, NOT tax deductible.

Then roll over the entire traditional IRA to a Roth IRA in 2010, free of any tax expense.

I did not think of this strategy before, but it was suggested by the newsletter sent out by Vanguard this quarter for those who are not eligible to contribute to the Roth. Sounds like a savvy tax-free savings vehicle for those ineligible for the Roth currently.

Thanks for your advice.
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