If you have other IRAs with pre-tax contributions, you'll need to follow the proration (or aggregation) rule. The first step in determining your eligibility to contribute to a Roth IRA is to find out your modified adjusted gross income. Therefore, a Roth IRA can be a good vehicle for saving for pre-retirement goals if you wouldn't otherwise contribute to an IRA, such as if you have Gold in my IRA. You'll also learn how much you can contribute to that Roth IRA account, how to avoid eligibility restrictions, the flexibility of saving on a Roth IRA compared to other individual retirement accounts, and the benefits of saving on both a 401 (k) and a Roth IRA. This involves making a non-deductible contribution to a traditional IRA and converting those funds into a Roth IRA.
If your employer offers a Roth 401 (k) as an option in its plan, you can contribute to it and contribute to a Roth IRA. If your employer offers a 401 (k) plan, there may still be room in your retirement savings for a Roth IRA.