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Even if you are contributing the max to your Roth or Traditional 401k, you can still contribute to your Traditional IRA. Assuming you are age 50 or older, that is $6500 in 2018 (and $7000 in 2019). That's $6000 in 2018 and $6500 in 2019 if you are under age 50. If you've got the cash and are not already doing so, this is a way you can give your savings plan a little boost.

Caveat: If you are over the income limit, the Traditional IRA deduction won't be deductible. If you make a non-deductible contribution to a Traditional IRA, you will have to track it on a Form 8606 to establish the basis that was already taxed. That allows you to not have to pay taxes on some of the withdrawals.

Or, if you have no other IRAs with pre-tax money, you do a back door Roth IRA contribution by converting the amount in the Traditional IRA to a Roth IRA shortly after making the contribution.

AJ
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