Question: One of the recommendations I've read recently is to consider converting money from a regular IRA into a Roth IRA. Is this legal or allowed?

Answer: This is, indeed, allowed and legal. Since 2010, the law has permitted everyone, regardless of income, to convert part or all of an IRA account to a Roth IRA, says Robin Delaney, a certified financial planner with Concierge Financial Organization.

Delaney, however, has some words of caution: Before moving forward with a conversion, she strongly recommends working with a financial adviser or CPA who understands the ramifications of such a strategy.

"There are several things that should be taken into consideration before deciding to do a Roth conversion, such as your career stage, tax bracket, ability to pay the tax on the conversion with after-tax dollars, and, if you are over 65, the effect on Social Security and Medicare premiums," says Delaney. "The calculations and considerations can be complex, consulting a professional will help you make an informed decision."

Got questions about the new tax law, Social Security, Medicare, retirement, investments, or money in general? Want to be considered for a Money Makeover? Email Robert.Powell@TheStreet.com. Kim McSheridan assisted with this report.