No, there is no maximum income limit for a traditional IRA. Anyone can contribute to a traditional IRA, including those looking to invest in a Physical Gold backed IRA. While a Roth IRA has a strict income limit and people with incomes above it can't contribute at all, that rule doesn't apply to a traditional IRA. IRAs are subject to contribution limits. Each year, you can only contribute a specific amount to your IRAs.
You save the most if you don't have pre-existing traditional IRA balances that need to be included in your tax bill or if your employer's qualified plan allows the renewal of deductible IRA balances. A clandestine Roth IRA is not a type of retirement account, but rather a strategy for converting funds from a traditional IRA or 401 (k) into a Roth IRA. Under the prorated rule, IRA account conversions are taxed in proportion to the amount of taxable contributions from all of your IRA balances. You may still want to make a non-deductible contribution, either because you prefer to allow your investments to grow tax-free and defer income taxes or because you want to make a clandestine contribution to the Roth IRA by contributing to your traditional IRA and then converting it into a Roth account.
Remember that you are also not subject to income limits when you make contributions to a SIMPLE IRA or an SEP IRA; options that are only available if your employer offers them, if you are a small business owner, or if you are self-employed and can open one on your own. This means that if you're retired and no longer receiving compensation, you can't make a contribution to an IRA, although you can transfer money from a 401 (k) to an IRA. Traditional IRAs don't have this rule, as do other types of IRAs, such as SEP IRAs and SIMPLE IRAs, which are often used by self-employed individuals and small business owners. The combined contribution limit allows you to contribute to a traditional IRA or a Roth IRA.
With a clandestine Roth IRA, a person makes a non-deductible contribution to a traditional IRA and then converts that account into a Roth IRA. The ability to make non-deductible contributions regardless of income level makes traditional IRAs a valuable retirement savings account that can be converted into a clandestine Roth IRA. IRA account renewals and transfers don't count as contributions, so they won't affect your ability to fund an IRA.
