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>>thinking that I would be better off taking my current 401(k) contributions and putting them into this IRA. Does anyone have any thoughts on this? I think that my tax benefits/implications should be the same either way, right?<<

Assuming you are a long way from retirement, then if you are eligible to contribute to a Roth IRA, best to open one and max that out before anything else.

And assuming your 401k funds don't royally suck (high expense ratios, loads, or underperforming), ideally, you want to max *both* your IRA (preferably Roth) *and* your 401k, regardless of whether the company matches. It may still be worth it even if your 401k funds do suck. For example, it may reduce your modified AGI enough to allow you to contribute/rollover to a Roth. Also, if you don't expect to work there too long, remember, you can rollover to an IRA when you change jobs -- even a Roth IRA if you are willing to pay taxes now on the balance (which is again generally worth it if you are a ways from retirement).

Also, the tax deduction for a traditional IRA phases out depending on your income, whereas your 401k contribution does not. Beyond that, the difference is you have more investment choices in the IRA than the 401k.
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