A Roth IRA conversion transfers funds from a pretax retirement account, such as a traditional IRA or a 401(k), to a Roth Individual Retirement Account. The process requires paying taxes on the funds the year they’re transferred, but future growth and withdrawals are tax-free.   What Are the Pros and Cons of a Roth IRA Conversion? The following pros and cons of a Roth IRA conversion impact whether a conversion might be right for you:   Pros of a Roth IRA Conversion Investment