If I transfer funds from my Roll over IRA to my Roth IRA will I owe any taxes? (income, fee)

[Surfertx]

I want to start contributing to my Roth IRA and need a minimum of $2500 to start funding. I want to transfer that amount from my existing roll over IRA will I owe taxes or some kind of fee for doing this?

[rjm1cc]

YES

The money that goes into an IRA, 401k and similar plans was not taxed for income tax purposes when you earned the money. It is included in your current year Federal (maybe state too) income tax return.

Any money that is in a plan that includes ROTH in its name is not taxed when you take it out. In general this could be a very good deal.

[Lowexpectations]

Most likely. The movement counts as income but I guess it possible that your income could be so low it's not taxable