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.
...but your total contributions to all over your IRAs can not exceed $5000 ($6000 if 50+ years old). For example: You can put $3000 in a Roth and $2000 in a Traditional. Edit: As you are over 50, you can contribute $6000 in total to all of your IRAs.You can not contribute $6000 each to both the Roth and the Traditional.or example, if you can contribute $5000 to an IRA (without contributing to a Roth IRA) and you can contribute $5000 to a Roth IRA (without contributing to a traditional IRA), then you can contribute $2500 to each, or $2000 to each, or $2000 to one and $3000 to the other, but you cannot contribute $5000 to each.