There probably isn't a "fee" per se (some custodians charge an account closure fee, so you could potentially incur that, though the only way to know for sure would be to ask your custodian, but likely no other "fees"). It will probably just require you to open a Roth at the custodian of your choice (if you are happy with the custodian where you have your traditional IRA, you could use the same one, which might avoid the account closure fee - though again, the only way to know that answer is by asking your custodian) and then transfer the funds from the traditional to the Roth, and it is usually a relatively simple process.
Note that you will have to pay taxes on any amount converted from traditional to Roth.
If you are currently at a lower tax rate, and the account value is relateively low (such that it wouldn't push you into higher brackets), it could make sense. However, given the potential tax ramifications, before you go through with a Roth conversion, it is probably wise to check with your CPA to make sure that it make sense from a tax perspective.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.