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a clarification: my husband and I currently contribute the maximum allowed by law to our respective 401(k)/403(b) plans and our profit-sharing/retirement plans. From what I understand (which is admittedly not a lot), this, combined with the aforementioned AGI, makes us ineligible for the deduction if we recharacterized our Roth IRA contributions as contributions to a traditional IRA. and if there is no deduction, is there any point to having an IRA at all, as opposed to just adding the money to our stock account?

Also, does anyone know what the penalties and taxes on the earnings would be if we withdrew all of the funds from our fledgling Roths?

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