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3. Absolutely. The only thing is that the deductibility of the IRA money is effected by other
qualifying retirement plans (inc. 401k) and by your adjusted gross income.

how would 401k contribs affect IRA deductibilty?
(assuming 10K or less contribution)

You're not allowed to deduct IRA contributions if you have a "qualifying pension plan" or some such language. Unfortunately, 401k's count as such a plan.

You can check out the Tax Q&A at:

Or post on the "Tax Strategies" board.
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