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In addition, I forgot to mention that you may contribute to a traditional IRA even if you are a member of an employer's plan and your salary exceeds the phaseout ranges, but the contribution will be non-deductable, becoming part of the owner's basis in the IRA, and therefore non-taxable upon withdrawl.

Here's where it more advantageous to contribute to a ROTH, since it does not force the owner to draw down the balance upon the owner reaching the year in which he/she turns 70.5.

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