<prompt> Human: I have been a part of this sub for over 5 years now, but today I learned something that completely took my by surprise...Im not sure if I just overlooked this whenever other have talked about it, but I learned that if you make more than 62k per year and you have access to a 401k through your company, then you do not get a tax deduction for any money you contribute to your Traditional IRA! IRS SourceThis was completely unexpected because I had always heard the rule of thumb that you should contribute to a Roth IRA while youre young and your income is low and then switch to a traditional IRA when youre income is higher when youre in a high tax bracket. Well now Im in a higher tax bracket, but now Im above the income limit and cant get a tax benefits for contributing to my Traditional IRA!!!Is this common knowledge and Im just an idiot or am I missing something?!  <response>: FYI, your title is wrong. 