No, dwiebking. You would be best off contributing to a (non-deductible) Traditional IRA and then immediately converting to a Roth IRA. That way you can contribute the full amount; there is no income limit (thus no over-contribution penalty), and it behaves exactly like a Roth IRA (assuming you don't have any existing deductible Traditional IRAs).
Originally Posted by dwiebking
You make too much money. Over 169,000, the contribution starts to be limited. Above 179,000 and you can no longer contribute. Subject to a 6% penalty for over contribution. I just ran into the same issue. $300....which happens to be the 6%. Bummer :-(
You can find this by clicking on the "Explain this" at the beginning of the Roth wizard in turbo tax.
Although, I am thinking I may be better off paying the penalty each year than not contributing......will need to do the math on that one.