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Individuals may contribute up to $5,000 for 2008 to a traditional Individual Retirement Arrangement (IRA). If neither you nor your spouse are active participants in a qualified or employer-sponsored retirement plan, and if you file a joint income tax return, you and your spouse together may make a deductible IRA contribution of up to $10,000 ($5,000 for each spouse). However, the total contribution cannot exceed your joint earned income. Contributions cannot be made after the year in which you reach age 70?.
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