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.
You can always contribute to a traditional IRA up to the annual contribution limits as long as you have sufficient compensation or salary. There are income limits dictating whether you can contribute to a Roth IRA. The limits depend on your filing status and your modified adjusted gross income, or MAGI.If you can't contribute directly to a Roth IRA, then you can contribute to a traditional IRA and then perform a Roth IRA conversion.Since your employer has a retirement plan in place, there may also be limits on making tax-deductible contributions to a traditional IRA. This depends on your filing status and MAGI.here are income limits dictating whether you can contribute to a Roth IRA. The limits depend on your filing status and your modified adjusted gross income, or MAGI. If you can't contribute directly to a Roth IRA, then you can contribute to a traditional IRA and then perform a Roth IRA conversion.