When you contribute to a traditional Individual Retirement Account, the government lets you deduct that money from your taxable income that year. When you contribute to a Roth IRA, you don't get that immediate tax benefit -- but you get to withdraw your money from the account tax-free in retirement. The government also allows savers to convert from a traditional to a Roth, but they have to pay taxes to do so. A reader named Ron is thinking about converting his traditional IRA to a Roth, but wants to know when he would have to pay the taxes. DailyFinance's
Laura Rowley explains.