Answer by Wray Rives:
There is an income limitation to be able to make a contribution to a ROTH IRA. For 2015 the limits are:
- Married Filing Joint $183K-$193K reduced contribution
- Married Filing Joint over $193K no contribution
- Single or HOH $116K-$131K reduced contribtion
- Single or HOH over $131K no contributionYou can still contribute to a Non-Deductible Traditional IRA with no income limits and then convert the non-deductible IRA to a ROTH IRA. You pay tax on any earnings that are in the Traditional IRA.There are some catches to doing this which can have very negative tax consequences, so I would suggest you talk to your tax professional before you undertake a Backdoor ROTH.