Rock And Roll Heaven by The Righteous Brothers. This talks about numerous music stars who died too young. First verse: Jimi gave us rainbows is Jimi Hendrix. Janis took a piece of our hearts is Janis Joplin. Otis took us all to the dock of the bay is Otis Redding. Remember Jim that way is Jim Morrison.
The idea is that even if you earn too much to contribute to a Roth IRA directly, you can open a Traditional nondeductible IRA and convert it to a Roth; there is no income limit on Traditional nondeductible IRAs or conversions.
2. If you canât contribute to a Roth IRA because your income is above that limit, you still have the option of contributing to a non-deductible Traditional IRA. Basically, youâll be putting taxable income into the IRA; you canât deduct your contribution, and will have paid taxes on the amount you contribute.