I think since you have a 401K, you are not eligible for a regular IRA.This is NOT true!If you participate in a 401(k), 403(b), or some other plans, the income limit at which you can deduct contributions to a Traditional IRA goes down quite a bit. Yes, for most full-time workers, the result is that one cannot deduct contributions to a Traditional IRA. However, one can still contribute to a Traditional IRA and file Form 8606 with one's 1040 to preserve one's "tax basis" in that IRA so one wouldn't be taxed again on the after-tax contributions. (All this is assuming that one isn't 70.5 years old--Traditional IRAs have a maximum age at which one can contribute.)Generally, though, contributing to a Roth IRA is preferable to making non-deductible contributions to a Traditional IRA.
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