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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
Partnership
An unincorporated business or income-producing entity organized by two or more persons. A partnership is not subject to tax but passes through to the partners all income, deductions, and credits, according to the terms of the partnership agreement.
