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"Here is my question - could I also contribute $2K to a Traditional IRA? I realize this wouldn't be tax deductible - but at least the contributions would grow tax deferred ( I think, if not, why even do it?)"

Yes, even if your AGI is in the millions you can contribute 2K a year to a non-deductible traditional IRA. The earnings on the contributions are indeed tax deferred, and their presence gives you a pool of money you can trade as you wish without worrying about immediate tax consequences.
Best wishes, Chris

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