I generally prefer to have my retirement savings in a Roth IRA rather than a traditional IRA, so that my returns earn money tax-free. I have a lot of savings in a traditional IRA that I'd like to convert into a Roth IRA.
This calendar year when stocks fell heavily, I used tax loss harvesting to sell stocks at a loss for many negative capital gains.
Does that mean it would be a good year to convert some of my traditional IRA funds into Roth IRA funds?
I had a high income this year (I expect about a 24% marginal tax rate), so perhaps there are still high penalties on the conversion that make it not the right time to do that. I'd appreciate you letting me know about pros and cons in the situation.