If you procrastinated on converting your regular IRA to a Roth last year, you can still do a conversion in 2011. Although converting your IRA generates taxable income in the year of the transfer, later qualifying withdrawals of contributions and income from the Roth are tax-free. Converting to a Roth while income tax rates remain low could pay off big time. And your conversion opportunities are not limited to just traditional IRAs. You can also convert your 401(k), 403(b), or 457 plan to a Roth.