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I found an article that explains this fairly well:
This Article
It certainly doesn't seem like any bonanza for most.
D.
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In that article, they make the following two assumptions:
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Jane cannot afford to pay the income taxes due on the conversion, so she will keep enough money from the rollover to pay all taxes due.
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She assumes her marginal income tax bracket will remain unchanged.
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For many people, that may not be true. If so, then wouldn't it be worthwhile to convert?