Roth Individual Retirement Account: This is similar to the traditional IRA except the contributions to a Roth IRA are nondeductible.

Changing the rules so all distributions are deemed to come first from any nondeductible contributions would simplify matters and reduce tax bills, Labant said.

If you make too much, you can still pay into a traditional but nondeductible IRA and then transfer the money to a Roth later.

If nondeductible contributions made up 20 percent of the account's value, then only 20 percent of the withdrawal would escape tax.