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Traditional IRA?

Posted: Sat Feb 09, 2013 10:18 am
by holycow2013
Dear Bogleheads,

Question

I have been trying to get this information but does not show up well in my search

If I max out 401K and Roth, Should I open a traditional IRA and contribute if I can afford one? My 2011 MAGI income was less than 103K and If I am seeing it right 2012 will be less as well because I am maxing out my 401K in 2012 which I did not in 2011.

thanks in advance

Re: Traditional IRA?

Posted: Sat Feb 09, 2013 10:23 am
by livesoft
No you should not. First, if one makes a maximum contribution to a Roth IRA, then they cannot contribute to a traditional IRA. Please read all the pages in this IRS publication: http://www.irs.gov/pub/irs-pdf/p590.pdf

Re: Traditional IRA?

Posted: Sat Feb 09, 2013 10:58 am
by Toons

Re: Traditional IRA?

Posted: Sat Feb 09, 2013 4:25 pm
by holycow2013
thanks guys for clearing it up