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Thanks Chris for your response.

Maybe that is part of the confusion. Could it be that I could purchase a Non-Deductible Traditional IRA even though my AGI exceeds $41k and I was participating in a 401K?
I know that I need to move fast. In fact, can you tell me where I could check to see where I could open an IRA besides Fidelity,Janus etc.?
Let me share with you my present situation:

I worked the entire year 1999 made less than $60K and was participating in a 401K.
I quit my job this past Feb and will remain unemployed for the rest of this year,in order to keep my tax bracket at 15%, in order to pay my Capital Gains at 10% vs 20% since I will be generating some capital gains.

So, I would like to open a deductilbe Traditional IRA (1999) in order to reduce what I owe to the IRS.
Convert it into a ROTH (during 2000) since my income will be around $25K AGI.

Open a ROTH (FOR Year 2000)

Roll Over my existing 401K to a ROLL OVER IRA ( I can stay on my existing 401K, since I have >$5k but would rather move it since I could have a broader choices of Funds elsewhere right?

Does this makes any sense to you?
I was considering opening an IRA in Janus Growth Funds. Do you have any other places that I could look into?

I hope I didn't make this too complicated.

Thanks a lot

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