Stop. Do you have any traditional IRA money?
If you do not: Use the Roth Backdoor.
Put it in the Traditional, non-deductible IRA anyway.
Invest it in cash only; you don't want any gains or losses.
And then, the very next day, go back and convert to Roth.
This "backdoor" was enabled by legislation some 15? years ago, when income limits for Roth conversions were eliminated. IRS clearly explained to Congress that this would create this "Roth Backdoor". Congress said "Yeah, we know". IRS was vague for awhile about whether this was OK, which scared people. But finally IRS and Congress started flat-out saying so. So yeah, it is OK.
If you do: Consider the implications of the Roth Backdoor.
The trick with Roth conversions is you must apportion across all your IRAs.
Suppose you already made $25,000 of tax-deducted Traditional IRA contribs, and had $20,000 of capital gains. (all of which is taxable when you withdraw it). You also make a non-deductible, non-taxable contribution today, for a total of $50,000. When you convert, you need to pay tax on the deductible contribs and the proceeds (not the non-deductible contribs). So $45,000 of this would be taxable if you converted all of it today.
However you only want to convert $5000 today. So it is apportioned: $4500 that is taxable and $500 that is not. You then need to declare and pay income tax on the $4500.
There is no way to snake this year's Non-Ded IRA Contributions around this apportionment rule. So if you still have traditional IRA contribs lying around that you have not yet converted to Roth, you have to crunch the numbers and see if this is worth doing, and whether you should grind though the gory details of apportionment, or just convert All your IRAs to Roth in one slam-dunk.
Also a factor is if you are anticipating or forced to take a "gap year", a gap year is a fantastic time to do a Roth conversion.