Re: Roth IRA and Tax Considerations, Other Concerns
yes there is an income cap.
if you make a contribution only to late discover that one is not allowed, you will need to recharacterize the contribution as a regular (non-roth IRA contribution). There is no penalty for the adjustment.
Even non matched 401(k) contributions are made on a pre-tax basis, so don't fret too much...at least you're saving some tax on this year's return.
A regular IRA is an alternative. So too are annuities. I'd go with the IRA before contributing to an annuity.
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