If you're married, neither you nor your spouse can contribute to a Roth in any year that your adjusted gross income exceeds $160k.

Based on the little information provided, it appears that you can both contribute to a Roth IRA this year - up to $3,000 each.

And next year, will your income exceed $160k if you are in fellowship for half the year? Even though your salary starting July 1 may exceed $160k, your AGI for 2005 may fall below that threshold, allowing you to contribute up to $4,000 each.

There are ways to reduce your AGI. Contributing the max to a 401(k) plan or a 403(b) plan is one way to do so. For 2005, you can contribute $14,000 into these retirement savings account. Taking advantage of pre-tax options through your employer's flexible spending account is another way to reduce your AGI.

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