To convert from a traditional IRA to a Roth IRA the Adjusted Gross Income must not exceed $100,000, whether the taxpayer is single or married filing jointly. Taxes on gains on the traditional IRA must currently be paid. However, the Roth IRA can be used for retirement on a tax-free basis. If bear market losses have reduced the value of the IRA, the taxpayer will owe less tax. You can’t roll over money from a 401(k) directly to a Roth IRA. It must first roll it into a traditional IRA and then converted that to a Roth IRA.