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Converting a traditional or rollover IRA into a Roth IRA is known as a Roth conversion. Here's a step-by-step guide to help you with the process: 1. Choose a Roth IRA provider: If you don't already have a Roth IRA account, you'll need to open one. You can do this through a brokerage, a bank, or a financial services company that offers IRA accounts. Research and compare providers to find one that suits your needs and offers low fees and a variety of investment options. 2. Contact your current IRA custodian: Inform your current IRA custodian that you wish to perform a Roth IRA conversion. They will provide you with the necessary forms and instructions to initiate the conversion. 3. Complete the required forms: Fill out the appropriate forms provided by your current IRA custodian. You'll generally need to include information about both your existing rollover or traditional IRA account and your new Roth IRA account. 4. Choose the assets to convert: You'll need to specify which assets in your traditional or rollover IRA you want to convert to your Roth IRA. You can either convert the entire balance or a portion of it. 5. Authorize the conversion: Once you've completed the required forms and selected the assets to be converted, submit the paperwork to your current IRA custodian. They will then initiate the transfer of assets from your traditional or rollover IRA to your Roth IRA. 6. Pay the applicable taxes: When you convert a traditional or rollover IRA to a Roth IRA, you'll owe income taxes on the pre-tax balance you're converting, as Roth IRA contributions are made with after-tax dollars. Make sure to set aside funds to pay the tax liability when you file your tax return. Note that timing can be important when planning a Roth conversion, as factors like your current tax bracket, expected future tax rates, and other financial considerations could impact the decision. It's always a good idea to consult with a tax professional to make sure a Roth conversion makes sense for your individual financial situation.