I have a question about converting a traditional IRA to a Roth IRA. Both my wife and I have current personal Roth IRA accounts to which we've maxxed out our contribution in each of the last few years. In addition, we have traditional IRA accounts from previous jobs.

Since our traditional IRA accounts are both in the red currently, I was wondering if it were possible to convert them into a Roth IRA or ideally into our current Roth accounts.

My wife is self-employed, so we have excess income which would be nice to shelter from taxes through a "loss." That is why I was thinking about converting the traditional IRAs.

thanks,

John