Hi,

From past 3 years I am contributing to Traditional IRA. I figured it out couple of things recently.

As I am contributing to 401(K) at workplace, now on top of it even the contribution to Traditional IRA does not make sense. Instead of that transferring to ROTH IRA is better as the withdrawn amount is tax free after 5 years.

Considering the above scenario, should I convert my Traditional IRA amount to ROTH IRA? Will I be paying any penality now? Any other tax implications?

I have contributed to Traditional IRA in 2017 as well. Should I withdraw that as well.

Please suggest.

Thanks in advance.