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.
In other words, your yearly contribution to your Roth IRA plus your Traditional IRA canât be greater than $5,500 if youâre 49 or under, or $6,500 if youâre 50 or over. Some examples: Sally, age 25, contributes $5,500 to her Roth IRA. She is not allowed to contribute anything to her Traditional IRA in that same year.