Did you launch your own business in 2014? Or, are you simply between jobs, or experiencing a drop in income? If you’re going to fall into a low federal tax bracket this year, consider using it as an opportunity to convert your traditional, tax-deferred IRA to a tax-free Roth IRA. Conversions are taxable as ordinary income in the year they’re made, but once the tax is paid, the Roth IRA is tax-free forever. And, Roth IRA’s are not subject to required minimum distributions in retirement like traditional IRA’s. So, the Roth IRA can continue to grow tax-free until you need the money. And, if you never need the money, it can be passed on tax-free to the next generation.