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I have recently converted a part of my traditional IRA to a new Roth. I want to keep both of the IRA's going. I heard that you must complete the conversions within three years or pay a penalty.

No such thing. Each year that you qualify, you are permitted to convert part or all of the money in your Traditional IRA to Roth and pay taxes on that money for the year in which you did the conversion. You are under no obligation to convert any or all of that money. You are under no obligation to continue converting that money in subsequent years.

The only part of a conversion that I recall that are about multiple years on conversion is that, the first year the Roth IRA came out, one could make use of that one-time provision to convert a Traditional IRA to a Roth IRA and spread the tax payments out over 4 years. However, that provision was a one-time deal that is now long gone.
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