"so what kind of tax penalties are we talking here? would it be based on your current tax bracket or something else? i'm asking because, i've thought about transferring over my traditional ira to a roth as well" Since your money is already in a traditional IRA and you'd like to transfer to a Roth, the money doesn't come out of retirement account and there isn't any penalty. The previous poster was talking about taking money out of a 401k and maybe doing it incorrectly. The amount transferred to a Roth is taxable income on the date of the transfer. So it will be added to your income next April and the applicable tax will apply. You don't HAVE to transfer your whole traditional IRA, although you can do so. Best wishes, Chris
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