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I currently maintain an IRA and a 401K. I have left my current company and am rolling my 401K into the IRA (about $2,000 for fiscal 1997). Unfortunately my new employer will not let me enroll in their 401K until the first of next year. Can I contribute into my IRA during the next six months and still claim some of it as tax deductable? How much?

I have to admit, I am very unclear about what happens when you talk about 401K and IRA's together. Any basic info would be appreciated.

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