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IRA Advice needed. Married Filing Jointly. Max out 401K every year. Addl 10% of salary into employer stock plan. AGI above 160K, so no Roth. Wife doesn't work any more but has Traditional IRA from rollover from a state teacher's retirement fund.

If I understand rules correctly, I can contribute 2k to a Spousal IRA and 2k to an IRA in my name. Also, in this scenario, the contribution to my IRA is not tax deductible but the contribution to hers is. 1). Can someone confirm/refute these assumptions? 2). Do I have to change hers "officially" to a Spousal IRA in order to contribute the 2k annually? 3). Do I have to have an IRA and contribute the 2k before being able to add to hers? 4). Does income generated from a joint tenant brokerage account count as "income" for her or do the Spousal IRA rules mean employer income? Thanks in advance.
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