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You may contribute a total of $2K per year in contributions to a combination of Roth and traditional IRA accounts. So yes, if you exceed the income limits on a Roth, then contributions to a traditional IRA is a good idea. The earnings on the IRA investments grow tax free until they are distributed in retirement. Then you must pay ordinary income taxes on them at your then current rate--not capital gains rates.

So, no you may not contribute any amount you like. You are still limited to $2K per year under current law--although there is some talk in Congress of increasing that limit.
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