If you're planning on converting your Traditional IRA or Rollover IRA into the Roth this year, financial columnist Humberto Cruz gives some helpful tips and points out the necessity to pay estimated taxes if you're retired or self employed.

Many financial advisers recommend that people who have a traditional IRA and are currently in a low tax bracket consider converting all or a portion of it to a Roth IRA. To be eligible, your modified adjusted gross income on any year you convert, not counting the amount converted or IRA required minimum distributions, cannot exceed $100,000.

If you don't withhold enough or don't have money withheld at all, as is the case if you are retired and receiving investment income or are self-employed like me -- you must make estimated tax payments four times during the tax year, by April 15, June 15, Sept. 15 and the following Jan. 15.