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Submitted By: Walter
Answered: April 22, 2016 11:52 am
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.
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Tax Glossary
Qualified plan
A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.
