After reading all of the clawback FAQs,...

It is tucked away in the Robinhood Gold IRA Deposits Match Terms & Conditions (pdf file).

"The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee."

"In the event that a customer deposits to a Traditional IRA and subsequently converts to a Roth IRA, the Robinhood Gold Cancellation IRA Match Removal Fee would apply to the customer’s Traditional IRA."

I can kind of understand that restriction. Tracking funds that are in a conversion can be complicated. Much easier on the bookkeeping to just say "Nope!"


I understand the benefit of doing conversions...

This has been much discussed. I recall long threads on the old TMF boards when Roth conversions first became available.
What a conversion does is shift the tax you pay from sometime in the future to now. The only financial benefit is if your current marginal tax rate is lower than it will be in the future.


Using some of the simple Roth Conversion online calculators, the tax benefit of converting seems to be greater than the 3% bonus. And that does not include IRMAA.

??? There is no direct tax benefit, just a difference of _when_ you pay the tax. What calculator shows a significant tax benefit?

3% bonus is real money. In fact, it is better to get that 3% for a Roth than a regular IRA. You will eventually tax income tax on it in the TIRA, but not in the Roth.