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To add one comment to AJ's post,

While you are filing taxes as a couple, you each will have an IRA account. So for 2007, you open an IRA account (Roth or traditional) and contribute up to $4000, and your wife opens an IRA (Roth or traditional) and contributes up to $4000. Next year, the contribution limit bumps up to $5000. Again, each of you can contribute that amount to their respective IRA accounts.

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