Roth Conversion

[bricks]

Is a Roth conversion nothing more than transferring money from a Traditional IRA to a Roth IRA? What are the advantages of transferring money into a new Roth account over transferring money to an existing Roth account?

[tenkuky]

Suggest you see the Wiki for specific articles on Trad vs Roth IRA, and Roth conversions.
https://www.bogleheads.org/wiki/Traditional_versus_Roth
https://www.bogleheads.org/wiki/Roth_conversion

Also, when you said "new" vs. "existing", can you clarify if you want to open at different brokerages/entities or at same?
In the past, some people would have a contributory Roth and a conversion Roth, to keep a closer eye on the 5-year clock for each conversion. It no longer matters for reversing as recharacterization of Roth conversion is no longer allowed.

[Navillus1968]

Is a Roth conversion nothing more than transferring money from a Traditional IRA to a Roth IRA? What are the advantages of transferring money into a new Roth account over transferring money to an existing Roth account?

Yes, but bear in mind a conversion will be a taxable event, so you should take care not to convert too much at once, unless you are comfortable potentially being boosted into a higher tax bracket. Higher MAGI caused by large conversions can also trigger other taxes/charges, such as the NIIT & Medicare IRMAA.
Definitely read the wiki before jumping in.

There is zero advantage to opening a new Roth IRA account, since once money is in a Roth IRA it can only be rolled over to another Roth IRA. Doing a rollover from Roth IRA back to a Roth 401k or any other tax-deferred account type is not allowed, unlike Trad IRA funds. See the long list of "No" options for the Roth IRA on the IRS rollover chart- https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

[bricks]

Yes, but bear in mind a conversion will be a taxable event, so you should take care not to convert too much at once, unless you are comfortable potentially being boosted into a higher tax bracket. Higher MAGI caused by large conversions can also trigger other taxes/charges, such as the NIIT & Medicare IRMAA.

Okay thanks. I just wanted to make sure that I didn't have to fill out an application and wait for the brokerage to approve and process. I would like to have this done before the end of the year.

[Navillus1968]

Yes, but bear in mind a conversion will be a taxable event, so you should take care not to convert too much at once, unless you are comfortable potentially being boosted into a higher tax bracket. Higher MAGI caused by large conversions can also trigger other taxes/charges, such as the NIIT & Medicare IRMAA.

Okay thanks. I just wanted to make sure that I didn't have to fill out an application and wait for the brokerage to approve and process. I would like to have this done before the end of the year.

If your TIRA is already open, it's very likely you can open a Roth at that same brokerage with a mouse click. Doing the Roth IRA conversion should also be an easy online process.
In general, Roth IRA conversions make sense when your combined (Fed & state) income tax rate is pretty low for the year. If your combined tax rate is <20%, go for it.
If your combined tax rate is >30%, conversions are less appealing.
If you're paying 20-30%, that's the mushy middle where it's not always obvious what to do.