I want to establish an individual retirement arrangement (IRA) for me and my spouse but I need additional information. What is the most I can contribute during the tax year?

Both you and your spouse can contribute up to $5,000 to a traditional IRA for 2009 by April 15, 2010. Individuals age 50 and over can make an additional $1000 contribution, raising their maximum contribution limit for 2009 to $6,000.