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.
If your Traditional IRA contribution is not deductible, you may still make a non-deductible IRA contribution to it. Alternatively, you may contribute to a Roth IRA, provided your MAGI satisfies the Roth-IRA eligibility limits for 2013, which are as follows: You are eligible for only a partial deduction on your Traditional IRA. 2  Instead of contributing the nondeductible amount to a Traditional IRA, where earnings grow tax-deferred, you can contribute the amount to a Roth IRA where earnings grow tax-free.