<prompt> Human: Ok, so a 5-year-old probably cant understand that. Heres my situation:My wife and I file jointly, and exceed the limits to contribute into a ROTH IRA, as well as the limits to deduct a traditional IRA. We both have 401ks through our companies, and they both match. For 2014, I want to maximize my tax benefits, and see the IRA as a great option. Is there a way to open an T-IRA, then convert it to a Roth before the end of the year so that we arent taxed on gains or withdrawls? How can I maximize my IRA situation I currently do not have an IRA?TIAThis is a great sub, and I lurk a lot!  <response>: You want a Backdoor Roth IRA Perfectly safe and not too difficult.The walkthrough. 