An IRA Conversion is the transfer of funds from an eligible retirement plan (i.e., Traditional IRA, SEP, qualified plan assets including 401(k) and 403(b) plans) to a Roth IRA. The funds may be received under the same trustee or custodian, trustee-to-trustee or by rollover within the 60-day window allowed for rollovers. 

IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.