Move my traditional IRA to Roth or just leave it?

[VanJ13]

I have a $23k+ traditional IRA that has been slowly accruing $ since 2005 when I quit work to be a SAHM.  I can't remember what it was when I rolled it over but it was around $8500 in Jan 2008, so not too bad growth for not adding a single cent to it since then.

My question is...should I roll it over into my Roth IRA that I contribute to fully each year (which is about $88k) or just leave it?  Is there a way to avoid the taxes if I put it in my Roth?  Or do I pay taxes on the conversion?  And also, how would that affect my ability to put money into my Roth that year? 

Thanks!

[Cromacster]

You would owe taxes on the conversion.

It does not affect your current Roth contributions.

It depends on your situation if you want to keep it or not.  If you are in a high tax bracket I would just leave it.

[jim555]

You would pay tax on the conversion amount.  Wouldn't affect your Roth in any way.  In 5 years you can take the conversion amount out free and clear.

[VanJ13]

Thanks.  Forgot about the high tax bracket part.  I'd like to have it all neat and combined, but think I will just leave it.