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This is probably a FAQ but here goes...

I contribute to a 401(k). Up until now I thought that I could *not* contribute to an IRA at the same time because I was already contributing to a retirement account. At least, if I did contribute to an IRA I couldn't deduct that contribution on my taxes. The new ROTH IRA complicates this but... Can I contribute to an IRA and deduct it on my taxes? Can I contribute to a ROTH IRA? I mean, contribute while I'm still socking money into my 401(k).

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