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I was told to contribute to my IRA first, then to contribute to my 401k which currently I do the maximum of $10,500. Is this to say that I should contribute $2000 to the IRA so that I can deduct it from my income and I therefore limited to putting $8,500 into my 401K rather than the total of $10,500? And I gather that this is for a regular IRA and not a Roth. I could otherwise contribute the maximum into the 401K along with $2000 into the ROTH IRA. Right?
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