Converting to Roth IRA
You can transfer from an eligible retirement plan (traditional IRA, SIMPLE, SEP, qualified plan, including 401(k), 403(b) or 457 governmental plans) to a Roth IRA and enjoy tax free withdrawals after retirement. Any income on conversion will be taxable in the year of conversion. Usually the best candidates for converting are those in a low income tax bracket who expect to be in a higher bracket when they retire. Before converting to a Roth IRA you should consult your tax and/or financial advisor regarding the pros and cons of converting.