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.
According to the final Roth IRA regulations, an individual's IRA contributions for the year are applied first to his or her Traditional IRA and then to a Roth IRA. Therefore, should an individual contribute to both a Traditional and a Roth IRA, any excess amounts would be deemed to occur in the Roth IRA.