Joseph, age 22, and single, comes to you with a modified adjusted gross income of $63,000.

In addition to his 401(k) plan that he is funding at work, he wants to open an IRA for 2014 with the maximum allowable contribution of $5,500.

Because of his plans for large investments and high growth expectations for his holdings, Joseph expects to be in a higher income tax bracket at retirement.

He asks you whether he should open a traditional IRA, non-deductible IRA, or Roth IRA.

Discuss his eligibility for each one, how much, if any, contribution is deductible for each type, and provide your recommendation as to which one he should choose and explain why.