A. If you believe your tax rate will be the same or higher at the time of your withdrawal, it makes sense to convert to a Roth IRA.
You pay federal income taxes now on the conversion amount, but there will be no tax on any future earnings as long as the 5-year aging period has been met and you are age 59 ½ or over. There are also no Minimum Required Distributions (MRDs) from a Roth IRA during the lifetime of the original owner.
What account types can you convert?
Traditional IRAs (including Rollover IRAs), SEP-IRAs, SAR-SEP IRAs, and SIMPLE IRAs are all eligible to be converted to a Roth IRA (SIMPLE IRA contributions cannot be converted to a Roth IRA during the first two years). Rollover IRAs containing assets from an employer-sponsored plan account are also eligible to be converted. In addition, balances from employer-sponsored savings plans (e.g., a 401(k) or 403(b) plan) that are eligible for distribution and rollover may generally be converted (for example, when you are no longer working for the company sponsoring the plan).
Fidelity has a free online Roth IRA Evaluation calculator - check it out!