u/IncognitaUnknown

I was laid off in February and might end up with significantly lower income this year. Should I consider a partial Roth conversion or wait until retirement isn't so far off?

• 43 yrs old, single, no kids, rent
• Traditional IRA: $550k
• Roth IRA: $200k
• I have additional cash in taxable brokerage to cover taxes on a potential conversion
• State income tax: 5%

Questions:

1. Should I consider a Roth conversion for some of the traditional assets this year or is that something to consider when you're closer to retirement? (maybe filling up to the 24% federal tax bracket)
2. I'm probably opening up a can of worms here, but thoughts on future contributions - Roth vs Traditional? Given current asset mix am I creating more of a tax issue for my future self by contributing to traditional?