The difference between a Roth IRA and other types of IRAs is that the Roth account is funded with after-tax dollars. That means you pay taxes on funds before contributing them to the Roth, and you can’t deduct contributions from your taxable income.

However, the money in the Roth account grows tax-free and you can withdraw funds after you retire without paying taxes.

You can convert funds in pre-tax IRA accounts to a Roth IRA. This includes traditional IRAs, SEP IRAs and Simple IRAs.

When you convert pre-tax money in a regular IRA to a Roth IRA, you have to pay taxes on it at your current rate. The conversion amount is treated as regular income, which can bump you into a higher tax bracket and cause a high tax bill for the conversion year.

Despite the tax bill, a Roth IRA conversion can be worth it for a couple of reasons.

First, it can get around the income caps that limit Roth conversions for higher-income taxpayers. Most taxpayers can contribute up to $6,500 ($7,500 if you're age 50 or older), according to the IRS. But contribution limits are lower for higher-income taxpayers and, after a point, no Roth contributions are allowed at all.

There are no limits on conversions, though. A taxpayer with a pre-tax IRA can convert any amount of funds in a year to a Roth IRA.

Roth IRAs also are exempt from required minimum distributions (RMDs). These mandatory withdrawals from retirement accounts begin at age 73 and can create a tax burden on affluent retirees. But Roth owners don’t have to take RMDs for as long as they live, making Roth IRAs particularly useful for leaving inheritances.

Again, it’s important to consider your unique circumstances and how a Roth conversion could affect your retirement, which is why it could be important to speak with a fiduciary financial advisor before moving forward. Click here to get matched with up to three advisors who serve your area in just a few minutes.

Having to pay a large chunk of taxes today is the big disincentive to Roth conversion.

Another potential drawback is Roth accounts have to be open for five years to avoid paying taxes on withdrawals. After age 59.5, withdrawals aren’t subject to a 10% penalty that can be levied on early withdrawals. But the income taxes are still due.

Roth IRA conversions aren’t recommended for all savers. Many retirees could have lower incomes than when they were working and it could potentially be better to use a regular IRA and pay taxes when withdrawing funds.

Finally, the process of converting a regular IRA to a Roth IRA can’t be undone. A taxpayer who is not certain post-retirement income taxes will be lower than they are today might want to think twice about a conversion.

Deciding whether or not to convert regular IRA assets to a Roth IRA calls for careful evaluation of your financial and tax situation. That’s where a financial advisor can be invaluable.

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