Here's another topic that generates a lot of emails to our site.  Roth IRA conversions.

If you have a Traditional IRA or a Rollover IRA-eventually you'll pay taxes on this money.  Remember the Roth IRA allows tax free withdrawals.  So investors who may be in low tax brackets will do the conversion and establish the new Roth.  We've noticed several fund families allow this conversion right over the phone.  You'll want to check with your tax advisor as your Adjusted Gross Income needs to be under $100k to be eligible.

Bankrate.com gives us complete information.

Converting a traditional IRA to a Roth gives you that future tax-free benefit, but at an immediate tax cost. You'll have to pay taxes on contributions that you previously deducted, as well as on the accounts earnings.

Conversion also could push you into a higher tax bracket, especially if you've accumulated sizeable earnings over the years.