Roth IRA funds are after-tax. That means when you convert funds from traditional IRA (pre-tax) to a Roth IRA, you will need to pay taxes on the converted amount (at your current income tax rates).
Once converted, however, the Roth IRA will not be taxed again at the time of distribution. That means all the income you earn from investing the original amount will be tax-free.
So the choice between a Traditional and a Roth account is whether you think it's more beneficial to pay taxes now, or defer taxes until you withdraw from the account during retirement.
Many investors also choose to have both a traditional IRA and a Roth IRA. During retirement, they would be able to choose to withdraw from a pre-tax or after-tax account, based on their tax situations that year.
It may be that you made an incredibly good decision. Under normal circumstances, this is a decision made after an individual believes that the paying of the tax at the time of conversion to the Roth IRA will produce a pool of assets that will be tax-free both as to income and capital gains for the rest of your life. This decision is typically not made unless the end result is the goal of the conversion. Once the ROTH is established and the tax paid on the distribution from the IRA, the ROTH can be invested for long-term growth and in some cases, for speculation. If successful, the funds can grow exponentially and although this is something that should be done by someone willing to accept a possible loss, it has significant potential if considered carefully, I hope this helps and good luck,
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