Yes, you can choose to do a partial conversion, in which you choose which account or how much money in the account you want to convert. You may also choose to convert the entire amount in a given account or convert just a portion of the amount. Plus, you can spread out your conversions over the course of the year or many years if you choose. However, there is a key consideration:

Yes, but you will have to take your required minimum distribution (RMD) from the Traditional IRA before converting some or all of the remaining balance to a Roth IRA.

The taxable portion of the conversion is declared as additional income on your tax return for the year you convert—it's considered part of your Modified Adjusted Gross Income (MAGI). The conversion will increase your income, and it is possible the income from the conversion could push you into a higher tax bracket. It's important to seek a tax advisor to help you understand the possible tax implications.

Yes, you can make a deductible or nondeductible contribution to a Traditional IRA and then convert it to a Roth IRA.

Yes, you can roll over your old 401(k) assets directly to a Roth IRA. You will be responsible for documenting the conversion and additional income when filing your income taxes for the year, which includes filing IRS Form 8606 and entering the correct amount on Form 1040.

Yes, beneficiaries of 401(k) plans can convert inherited assets to a Roth Inherited IRA account. However, beneficiaries of Traditional (or Rollover) IRA accounts can not convert inherited assets to an Inherited Roth IRA account. Therefore, if you want your beneficiaries to inherit IRA assets income tax-free, you must convert the IRA to a Roth IRA during your lifetime.

Yes, you can convert a SEP-IRA or a SIMPLE IRA account to a Roth IRA. However, a SIMPLE IRA account cannot be converted to a Roth IRA account unless two years have passed since the first contribution was credited to the SIMPLE IRA account. Also, you cannot recharacterize a SEP-IRA or SIMPLE IRA contribution as a Roth IRA contribution, or vice versa. The IRS considers SEP-IRA and SIMPLE IRA contributions as employer plan contributions, while the Roth IRA is considered a personal contribution. This holds true even for unincorporated business owners.