I am single, and make more money (more than $200k) than any of the limits I've seen for contributions or deductions for either Roth or traditional IRAs. My employer has a 401k plan.
I currently do not have an IRA (other than a rollover IRA from my 401k from a previous employer). I do have a 401k with my current employer.
Given this info, am I permitted to open and contribute anything to either kind of IRA? The way I am reading things:
- I cannot contribute to a Roth IRA
- I cannot deduct contributions to a traditional IRA, but I can contribute up to $5500 (post-tax)
Is this correct? If so, is there any reason to contribute to a traditional IRA? Are there other retirement options (besides my existing 401k) for someone with my salary?