Hi Robert K55,
Those are good questions. You can convert within the same institution. By converting from Traditional IRA to a Roth IRA you change otherwise taxable distributions to tax-free distributions. What’s the catch? You’ll have to pay tax now on the amount you convert. Be aware that withdrawing converted funds within five years of the conversion will trigger a 10% penalty. No matter what your income, you can convert a traditional IRA to a Roth IRA. You can find more details by visiting the website below.
https://turbotax.intuit.com/tax-tips/investments-and-taxes/now-everyone-can-convert-to-a-roth/L4NEqO...
I hope this answers your questions. Feel free to reply if you have any additional question. Wish you all the best.
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