Should I transfer my traditional account to Roth IRA?

Hi! I am wondering if it is a good or bad idea to transfer funds from my traditional account into my Roth. This is because (1) I haven’t maxed out my Roth for this year and (2) I think it might be worth it in the long run (even with tax penalties now).

Additional details:
I’m 37, so I think there’s time…

This traditional account is for 401K funds from a precious employer.

This is currently in a NY Life account and I’m considering moving the funds entirely to Fidelity.

I’ll cover this in tonight’s office hours (11/18/2020) with the recording available afterwards on the course site!

If you’re not signed up for office hours, you can sign up here.