You do NOT qualify for either ROTH or Traditional IRA due to MAGI. However you still can put $5K into a Traditional IRA without any deduction to income, for the objective of obtaining annual tax free growth. There is no longer an income limit for ROTH conversions. You can contribution to a non-deductible IRA and then convert to a ROTH. If you have an existing pre-tax IRA, you can also convert it (or any part of it) to a ROTH. The cost basis is pro-rated across your total IRA balance. If you have an existing pre-tax IRA, then the cost basis is pro-rated based on the total value of your IRAs. 401Ks don't matter.
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