Submitted By: Walter
Answered: April 22, 2016 11:52 am

I inherited a traditional IRA. Can I convert it to a Roth IRA?

Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account.

advertisement
Tax Glossary

Imputed interest

Interest deemed earned on seller-financed sales or low-interest loans, where the parties’ stated interest rate is below the applicable IRS federal rate.

More terms