Roth IRA and Tax Considerations, Other Concerns

[TN_POKER_MAN]

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.