Think you know enough about converting to a Roth Individual Retirement Account (IRA)? You might not. A recent online quiz, which tests your knowledge on the subject, found that only five to six percent of those who took it got all 10 questions correct.

The quiz, posted by financial publication Kiplinger, provides answers to common questions such as:

• Can everyone contribute to a Roth IRA?
• Are you required to have earned income to convert a traditional IRA to a Roth IRA?
• What is the deadline for making a Roth conversion for the 2010 tax year?
• For 2010 conversion, how long do you have to pay the tax on it?
• After converting to Roth, can you switch back to a regular IRA and wipe out the tax bill on the conversion?
• And more…

Each answer to these questions provides useful information for navigating the subtleties of the Roth IRA conversion process.

One example points out that while the $100,000 income limit has been rescinded for converting to a Roth IRA, there are still income limits for contributing to one. For 2010, your modified adjusted gross income must be less than $120,000 if you are single and $177,000 if you are married and file a joint return. However, if you don’t meet these limits, you may be able to make contributions to a traditional IRA and then convert that to a Roth IRA.

In any case, you should consult a tax advisor about the Roth IRA conversion process relative to your specific circumstances.