Can someone clarify, this is my understanding for my situation:
I am ineligible for tax deduction for contributing to IRA (due to contributing tto 401K and being high income>116K)
I am also above the income levels for a Roth IRA (high income>230K)
I can contribute to a traditional IRA but will pay taxes on it and then convert to a Roth IRA so at least the account will grow tax free.
Is this accurate? Am I missing anything?
