Yes, any gain on a ROTH is tax free, and no, you can not reverse it back to an IRA (they changed the law last year). You pay the taxes when you go from an IRA to a ROTH (or any withdrawal from an IRA unless it's a special gift). Also be aware that if you are on SS your SS may be taxable because of the conversion.
The best advice anyone can give is to see a tax accountant.
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