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.
1 This limit applies to the total annual contributions to both Roth IRAs and traditional IRAs. 2  For example, a person aged 45 who put $3,500 into a traditional IRA this year so far, can either put $2,000 more into this traditional IRA, or $2,000 in a Roth IRA, or some combination of that. 2014 and 2015: the total contributions a person can make to all of their traditional and Roth IRAs cannot be more than the lesser amount of either: $5,500 ($6,500 if youâre age 50 or older), or your earned income for the year. 2  This limit applies to the total annual contributions to both Roth IRAs and traditional IRAs.