A Roth IRA is an individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Disadvantages of a Roth IRA: Not everyone qualifies for a Roth IRA because of the income limits. It is possible, however, to do a Roth IRA Conversion, which allows people to convert their Traditional IRA or other retirement fund into a Roth asbestos-awareness.cf are rules with Roth IRA Conversions, and the downside is you have to pay taxes on the amount you convert into a Roth IRA (unless you are. Quick Summary. Most people can open a Roth IRA easily with the help of a bank, brokerage or financial advisor. There are a handful of steps in the process, from making sure you are eligible to picking the firm and investment choices, to setting up your contribution schedule.