One of the primary benefits of a Roth IRA is that you do not pay income taxes on the funds withdrawn in retirement. Individuals not able to contribute
to a Roth IRA because of income limitations can convert regular IRA funds to a Roth IRA. The amount converted is included in income and subject to
regular income taxes in the year of conversion. Funds subsequently withdrawn from the Roth IRA are not subject to income taxes as long as you are over
59 ½ years old and the funds have been in the Roth IRA at least five years. If these criteria are not met, a 10% penalty applies.