I was hoping for direction on making the most of our retirement accounts for 2008. For years my husband and I have maxed out his 401k and made the maximum contribution to a traditional IRA for myself (sometimes referred to as a spousal IRA). We had planned to open his first Roth IRA for 2008. Will opening a Roth IRA for him preclude me from adding to my IRA? Can we have all three retirement accounts? Our AIG is below 159K.
The best time to plant a tree was 20 years ago. The next best time is now. ~Chinese Proverb
Yes, you can have all three as each of you can contribute $5k to an IRA ($6k if you're 50 or older). As you noted, if your total AGI is below $159k he is eligible for a ROTH.