lucasg85

You can contribute to both, but you can only deduct the traditional IRA, and you have to pay tax on anything that is rolled (you are essentially paying back the tax you deducted earlier when you initially contributed to the traditional).

Numi, if you are planning to make a lot in the future, then it makes sense to roll as much of your traditional to a Roth in a year when you are making little, because 1) you'll be in a lower tax bracket, and 2) you might not get to do it when you are raking in the bux. So if you aren't employed during your MBA, that's a good time to do it.