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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: Starting over at 31 and my 401k sucks...opti Date: 9/6/2006 1:30 PM
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Actually, even if you are covered by a 401K, and regardless of whether or not you participate, you can still contribute to a TIRA. (new rules)

Those are very old rules, going back at least to the early 1990s.

For a long time now, you've been able to make a traditional IRA contribution as long as you have earned income.

The question is whether you can DEDUCT those contributions. And that is where the question of participating in an employer's plan comes in. If you do participate, you have a lower AGI restriction on DEDUCTING your IRA contribution than if you don't participate.

--Peter
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