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I believe that you can contribute to a 401k at the same time as a Roth IRA, but not a traditional IRA.

Actually, anyone with earned income can contribute to a Traditional IRA. However, the difference that being eligible to contribute to a qualified plan (401(k) or 403(b)) is that it greatly reduces the cutoff amount of one's modified AGI at which one can deduct contributions to a Traditional IRA.

Generally, if one is not eligible to deduct contributions to a Traditional IRA, but one qualifies to contribute to a Roth IRA, the Roth IRA makes far more sense than non-deductable contributions to a Traditional IRA.
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