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.
However, certain upper income taxpayers may not contribute to a Roth IRA due to the Roth IRA contribution limits and restrictions. With these details in mind, now let's look at whether retirement savers can have and contribute to both a traditional IRA and a Roth IRA. Provided you meet the earned income requirements and the income limitations for each type of IRA, you may contribute to both a Roth and a traditional IRA.