I understand what IRA conversions are and how they work in theory, but I would like someone who has actually done one (or a few) to explain how it works in practice.
What is the process for the conversion? How do you initiate it?
Do you have to create a new IRA for the amount you want to convert, or can you do partial conversions from one account?
Are you usually charged a fee by your financial institution? Are there ways to avoid this?
I have IRAs at both Vanguard (Roth) and Charles Schwab (Traditional) if anyone has particular information about those institutions it would be great.