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.
Contribution Limits. The contribution limits for the Roth and traditional IRAs are the same. For tax year 2013, for example, you could contribute up to $5,500 to your IRA, plus an additional $1,000 catch-up contribution if you reached age 50 or older by the end of the tax year.Deductibility.or Roth IRAs, there is no age limit. Income Limitations. One factor that determines whether you should fund a Roth or traditional IRA is your income, which dictates your eligibility to contribute to a Roth IRA. If your income exceeds certain limit, you may not contribute to a Roth IRA.