Can I convert my existing IRA to a Roth IRA?
Individuals with an AGI of less than $100,000 may convert their existing Traditional IRA into a Roth IRA. The conversion of assets from a Traditional IRA to a Roth IRA can only be done on a taxable basis. Therefore, ordinary income taxes must be paid on the portion of the "Traditional" or "regular" IRA that is taxable.

The total tax on rolled over or converted amounts must be paid in the year the rollover or conversion occurs. Rollovers must also be completed within 60 days of the distribution from the Traditional IRA.

The five-year period for which Roth IRAs must be held before qualified tax-free distributions can be made will apply separately to regular Roth IRA contributions, and to conversions or rollovers to Roth IRAs. Withdrawals from converted or rollover amounts within five years of the conversion or rollover are subject to a penalty tax, even if not taxable. As a result, it is strongly suggested that you avoid commingling regular Roth IRA contributions with conversion/rollover contributions in one tax year with similar contributions in different tax years. It is recommended that a separate Roth IRA be established for each year.