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I never calculated my MAGI, but I don't have any student loans, educational expenses or anything like that for that matter. I just claim standard deduction every year.

My net income this year is going to be in the 175k range. I am single, never married. Am I eligible for either of the IRA accounts? Someone in teamblind once told me that if I reduce my 401k contributions I can fund an IRA account or something. But he told me that it is too late for that.

Basically are there any adjustments I can do to start putting money into an IRA account. My 401k account has very few options.

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  • Does your employer allow in-service transfers? Transfers are conversions, not contributions, and are not subject to the income limits.
    – D Stanley
    Apr 13 at 15:06
  • Go read about "backdoor Roth IRA contribution". And no, reducing 401(k) contributions has no effect at all on IRAs.
    – Ben Voigt
    Apr 13 at 15:06
  • Do you have any existing IRAs?
    – yoozer8
    Apr 13 at 15:19
  • @BenVoigt: "And no, reducing 401(k) contributions has no effect at all on IRAs." However, not having 401(k) contributions at all during the year (and, if married, the spouse not having 401(k) contributions at all during the year) will allow them to deduct Traditional IRA contributions no matter how high their income is.
    – user102008
    Apr 14 at 16:55
  • @user102008: Having zero contributions is necessary but not sufficient. They need to not be covered by a 401(k) plan during the year.
    – Ben Voigt
    Apr 14 at 16:57